In a series of hot-stock live updates, the Dow Jones Industrial Average (Dow) extended its winning streak to nine consecutive days, propelled by drugmaker Johnson & Johnson’s robust earnings results. Meanwhile, the broader market faced headwinds due to post-earnings declines in tech giants Netflix and Tesla.
The 30-hot-stocks Dow, which has less dependence on tech stocks, gained 163.97 points or 0.47%, closing at 35,225.18. This marks the Dow’s best daily winning streak since 2017. The outperformance of the blue-chip Dow over the tech-heavy Nasdaq 100 index since February 2022 indicates a wider margin of the Dow’s climb.
Shares of Dow constituent Johnson & Johnson soared 6% after the drugmaker raised its full-year guidance and exceeded Wall Street’s estimates for the quarter. Additionally, insurer Travelers beat analyst revenue estimates, further supporting the Dow’s upward trajectory.
In contrast to the Dow’s gains, the Nasdaq Composite fell 2.05% to close at 14,063.31. Electric vehicle manufacturer Tesla experienced a notable tumble of 9.7% following CEO Elon Musk’s announcement of a slowdown in vehicle production during the third quarter due to factory improvements. Meanwhile, popular streaming platform Netflix faced a post-earnings decline, adding pressure on the Nasdaq.
With 74% of S&P 500 companies exceeding expectations in their earnings reports, there is growing optimism for a favorable economic outlook. Analysts point to strong corporate earnings as a driving force behind the market’s steady performance.
Individual investor enthusiasm for emerging market stocks reached a 27-month high of 51.4% in the latest survey by the American Association of Individual Investors (AAII). Bullish sentiment has been above the long-term historical average of 37.5% for seven consecutive weeks. On the other hand, bearish sentiment decreased to 21.5%, its lowest level since June 2021, and has been below the historical average for seven weeks.
As central bank meetings and macroeconomic factors continue to influence the markets, investors remain watchful. The Dow’s notable winning streak and investor bullishness are contributing to market momentum, while post-earnings declines for certain tech hot-stocks underscore the delicate balance in the broader market.
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