Stock market today: Live updates

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Traders work on the floor of the New York Stock Exchange during afternoon trading on April 9, 2024.

Michael M. Santiago | Getty Images

The Dow Jones Industrial Average traded higher Wednesday, trying to extend its winning streak to six days, as investors shook off some weakness in tech.

The Dow added 0.2%, or 82 points, putting the index on track for its best daily positive streak since December. The S&P 500 dropped 0.1%, meanwhile, and the Nasdaq Composite pulled back 0.3%.

Uber shares fell 9.1% after the rideshare company’s posted a surprising net loss and weaker-than-expected bookings revenue, while Intel lost more than 2.8% after the chipmaker lowered its second-quarter revenue guidance.

Tesla shares dipped more than 1.5% after Reuters reported that U.S. prosecutors are looking into whether the company committed wire fraud as part of a probe into Tesla’s Autopilot systems.

“Valuation is going to always be the major challenge” for the tech sector, said Baird investment strategy analyst Ross Mayfield. “They’ve entered earnings season with a pretty high bar to clear given all the AI excitement and valuation expansion … [The sector has] given up a leadership baton, and the trend has been broken a little bit, so there’s more volatility around the day-to-day.”

Noting recent strength in the S&P 500 and the Dow, Mayfield added that the market has “all the hallmarks of a pretty healthy and necessary correction” with strong fundamentals and and continued economic resilience.

Investors are also digesting a slew of Federal Reserve commentary. Boston Fed President Susan Collins said in remarks on Wednesday that the Fed’s interest rate policy will likely need to remain at its current level until inflation is moving “sustainably” towards the central bank’s 2% target.



This article was originally published by a www.cnbc.com

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