US stocks pop after S&P 500’s 3-day losing streak
US stocks rebounded Wednesday morning after several days of red closings, an unusual occurrence in the market’s bullish start to 2024.
The S&P 500 (^GSPC) the blue-chip Dow Jones Industrial Average (^DJI) and the tech-heavy Nasdaq Composite (^IXIC) all gained about 0.6%.
A stock rebound would come after a three-day losing streak for the benchmark S&P 500, which has set a new record closing high 20 times this year. And the gains extend beyond the start of 2024. As Yahoo Finance’s Jared Blikre notes, the index is on track for its fifth-straight monthly gain — and that could be a signal it’s poised to run further.
Fed Governor Christopher Waller is set to speak later Wednesday as investors await the latest reading of the Personal Consumption Expenditures (PCE) price index. That index, which contains the Federal Reserve’s preferred “core” PCE inflation measure, is set for release on Friday.
Also in focus is the return of the meme stock, the mania around companies that have become phenomena on social media. Investors need not look further than Reddit (RDDT), which as a platform has been responsible for much of the frenzy over the years. Reddit stock has doubled from its IPO price, though it fell slightly in premarket trading Wednesday.
Meanwhile, shares of Trump Media and Technology (DJT), the social media startup founded by presumptive Republican presidential nominee Donald Trump, gained another 22% after Tuesday’s 16% gain. But perhaps the OG meme stock, GameStop (GME), plunged 17% after reporting what one analyst called an “unsustainable” sales decline and announcing job cuts.
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