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Stocks turned lower in afternoon trading Thursday, putting the S&P 500’s winning streak in jeopardy.
The benchmark index had been wavering earlier in the day, flirting with a ninth straight day of gains that would mark the longest winning streak since 2004.
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Marketwatch:
Walt Disney: The stock rose nearly 8% in afternoon trading.
Arm Holdings (ARM): Shares tumbled more than 6%.
Affirm (AFRM): Shares jumped 17%
Lyft (LYFT) Shares fell about 2%.
Virgin Galactic (SPCE): shares had fallen 10% #TrendingNow #stocks pic.twitter.com/Oq7CIGKBBv— The_Journalbiz (@the_journalbiz) November 9, 2023
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Walt Disney: Disney unveiled $2 billion of new cost cuts and sharply narrowed losses in streaming, while Chief Executive Bob Iger laid out his vision for a future centered on streaming and live entertainment. The stock rose nearly 8% in afternoon trading.
Arm Holdings (ARM): The British chip-design company, in its first results since listing, gave a muted revenue forecast. Its shares tumbled more than 6%.
Affirm (AFRM): Shares in the buy-now, pay-later company jumped 17% after it reported a narrower loss and sales that beat Wall Street forecasts.
Lyft (LYFT): The ride-hailing company reported slower growth in rides booked on its platform than at rival Uber. Shares fell about 2%.
Becton Dickinson (BDX): The maker of medical devices gave an outlook for its 2024 financial year that fell short of Wall Street expectations. The stock fell 8% in afternoon trading.
Virgin Galactic (SPCE): The space-travel stock jumped after Virgin Galactic late Wednesday forecast higher fourth-quarter revenue. The shares had fallen 10% in the previous session after Virgin Galactic told employees it was cutting jobs as it was struggling to access capital.
News Corp (NWS), the parent company of The Wall Street Journal, and Lions Gate Entertainment (LGF.A) are among companies due to report results after markets close on Thursday.
