SPX: S&P 500 Snaps 7-Day Winning Streak, Loses Grip on 6,000 Milestone

Stocks broadly pulled back Wednesday ahead of the Thanksgiving holiday and after the Fed’s preferred inflation gauge showed price pressures were in line with consensus.

• The S&P 500 index snapped a seven-day winning streak falling 0.4% on Wednesday, sliding below 6,000, as traders took a step back and reassessed recent red-hot moves. Equities across the board slid altogether — the Dow Jones Industrial Average and the Nasdaq Composite also closed at daily losses of 0.3% and 0.6%, respectively. It could’ve been worse — the tech-heavy Nasdaq tanked as much as 1% during the session.
• Of all the sectors in the S&P 500, tech was the biggest decliner with money spinners rotating into underperforming shares and those that are sensitive to higher interest rates. Speaking of interest rates, the Federal Reserve’s preferred inflation measure — personal consumption expenditures index (PCE) — rose 2.3% in October, in line with expectations. In other words, the Fed is on track for its final interest interest-rate cut of the year.
• And with that, another month is about to wrap up, and what a month it’s been. The S&P 500 is up 4.7% in November, followed by the Nasdaq and its 4.5% gain. The Dow Jones Industrial Average is the best performer with a lofty 6.4% increase. The “hold my beer” moment, however, goes to Bitcoin with its mouth-watering 38% advance for the month. Credit goes to President-elect Donald Trump and his crypto-friendly agenda. With Thanksgiving today, markets will be closed for trading and will open for a half-day session on Friday.