Investing.com says Dow Jones rises, tech stocks help keep momentum going

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©Reuters

Investing.com – U.S. stocks ended higher on Tuesday, snapping a seven-day winning streak driven by gains in Big Tech stocks, and U.S. Treasury yields fell even as the Federal Reserve chairman said he would still raise interest rates.

As of 6:00 ET (21:00 GMT), the index was up 56 points, or 0.2%, in its longest winning streak since July. The index rose 0.90%. It rose 0.3%, rising for the seventh consecutive trading day, the longest winning streak since November 2021.

Treasury yields fall as Fed continues to take center stage

Yields fell as investors continued to digest comments from a Federal Reserve spokesman pointing to the possibility of further interest rate hikes in the near future.

Federal Reserve Governor Michelle Bowman said on Tuesday that she still expects the Fed “will need to raise interest rates further to get inflation down to its 2% goal in a timely manner.”

The focus will turn to Federal Reserve Chairman Jerome Powell, who is scheduled to speak on Wednesday and Thursday. Futures markets expect the Federal Reserve to keep interest rates steady at its December meeting.

Lower yields helped tech stocks like Apple (NASDAQ: ), Meta Platform (NASDAQ: ) and Microsoft (NASDAQ: ) rise more than 1%.

Uber, DataDog report impressive earnings

Uber Technologies (NYSE: UBER ) quarterly earnings missed estimates but were overshadowed by stronger-than-expected bookings. Its shares rose nearly 4%.

Datadog Inc (NASDAQ: DDOG ) shares rose 28% after raising its annual outlook and reporting third-quarter results that beat Wall Street expectations.

WeWork files for bankruptcy

Separately, WeWork (NYSE: WE ), a workspace provider valued at $47 billion, has filed for bankruptcy in a New Jersey court as it grapples with post-pandemic declines in occupancy, office space and expensive rent. question. The stock has stopped trading.

Crude oil falls on weak Chinese trade data

Oil prices fell sharply on Tuesday to their lowest level in more than two months as disappointing trade data from China stoked concerns about weak demand from the world’s largest oil importer.

As external demand deteriorated, China’s exports fell more than expected in October, while an unexpected increase in imports caused China’s trade surplus to fall to its lowest level in 17 months.

Continued weakness in exports could hamper future domestic growth, reducing oil demand.

Both contracts fell last week amid growing expectations that Israel’s war with Hamas will not disrupt supplies from the oil-rich region.

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