S&P 500 extends losing streak to three sessions

The S&P 500 experienced a decline of 0.5% on Thursday, marking its third consecutive day in the negative territory, which is the longest losing streak for the benchmark US stock index in over a month. Alongside this drop, the Nasdaq 100 also fell by 0.4%, and the Russell 2000 saw a decline of 1%.

In terms of sector performance, every S&P 500 sector ETF finished in the red except for the energy sector. The consumer discretionary and healthcare sectors were the hardest hit. Despite the overall negative trend, there were some bright spots in the market. Intel, for example, saw an 8.8% increase in its stock price following reports that the company had approached Apple regarding a potential investment to revitalize its business. On the other hand, CarMax faced a stark decline of 20% after failing to meet Wall Street’s estimates for the second quarter.

Amazon also experienced a slight downturn of 0.9% after agreeing to a $2.5 billion settlement with the Federal Trade Commission over allegations of deceptive practices related to its Prime subscription service. Additionally, Quantum stocks like IonQ, D-Wave Quantum, and Quantum Computing saw a dip after a significant rise attributed to the US government’s recognition of quantum technology as a priority for fiscal 2026.

Other notable movements in the market included Stitch Fix dropping 17% despite surpassing Q4 expectations, Oklo falling 9.2% following a substantial stock sale by a company director, Cipher Mining declining 18% after an initial increase due to news of Google acquiring a 5.4% stake, Opendoor Technologies rising over 10% after a trading firm disclosed a stake in the company, BYD leaping 2.5% as it outsold Tesla in the EU once again, Tesla falling 4.4%, Duolingo gaining 4.2% as it gained attention from retail investors, and Hertz increasing by 0.9% after announcing an upsized senior notes offering.

Overall, the S&P 500’s recent losing streak reflects the ongoing volatility and uncertainties in the market, influenced by various corporate developments, sector performances, and external factors impacting investor sentiment. As market participants continue to navigate through these fluctuations, it remains essential to stay informed and vigilant in response to shifting dynamics and opportunities within the financial landscape.