Stock Market Today: S&P 500 Extends Losing Streak

The broad market index has now closed lower for five straight sessions.

white chalk arrow going down
(Image credit: Getty Images)

Stocks bounced back and forth between positive and negative territory for most of Wednesday before ending the day with yet another loss. 

With little in the way of economic data to react to, investors continued to fret over the Federal Reserve's next steps as far as interest rates go. Also worrying Wall Street were recent comments from some of the country's top bank CEOs, which served to amplify fears of a possible recession in 2023. One of the more notable remarks came from Wells Fargo CEO Charlie Scharf. "There is a slowdown happening, there's no question about that," Scharf said at a financial conference Tuesday, adding that he expects "a fairly weak economy throughout the entire year." 

"It would appear the recovery in stocks – bear-market rally, or otherwise – has run out of steam, and investors are left wondering whether what follows next is another test of the lows or simply a correction of that impressive two-month surge," says Craig Erlam, senior market analyst at currency data provider OANDA. "The difficulty investors have now is balancing the coming end of the tightening cycle with a potential global recession next year amid heavily discounted valuations." 

Subscribe to Kiplinger’s Personal Finance

Be a smarter, better informed investor.

Save up to 74%
https://cdn.mos.cms.futurecdn.net/flexiimages/xrd7fjmf8g1657008683.png

Sign up for Kiplinger’s Free E-Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

Profit and prosper with the best of expert advice - straight to your e-mail.

Sign up

Sign up for Kiplinger's FREE Investing Weekly e-letter for stock, ETF and mutual fund recommendations, and other investing advice.

While the broader market chopped around on Wednesday, several individual stocks made decisive moves. Carvana (CVNA (opens in new tab)), for one, plummeted 42.9% as bankruptcy buzz swirled around the one-time pandemic darling. Tesla (TSLA (opens in new tab)) was another noteworthy decliner, with the electric vehicle maker falling 3.2% amid concerns over weakening demand in both the U.S. and China.

As for the major indexes, the broader S&P 500 Index notched its fifth straight loss, giving back 0.2% to 3,933. The tech-heavy Nasdaq Composite fell 0.5% to 10,958, while the blue-chip Dow Jones Industrial Average eked out a 1.6-point gain to end at 33,597.

Deere, Southwest Unveil Dividend News

On a brighter note, several companies announced shareholder-friendly initiatives today. These included farm equipment maker Deere (DE (opens in new tab), +0.6%), which lifted its annual dividend by 6%, and air carrier Southwest Airlines (LUV (opens in new tab), -4.7%), which reinstated its dividend payment after suspending it early on in the pandemic. 

Additionally, Lowe's (LOW (opens in new tab), +2.4%) unveiled a new $15 billion share buyback program, which will be added to the previous program's balance of $6.4 billion as of Dec. 6. The home improvement retailer is also a member of the S&P 500 Dividend Aristocrats – or S&P 500 companies that have raised their payouts for at least 25 consecutive years. In May, LOW hiked its dividend by 31%, marking its 48th straight annual increase. We regularly refresh our running list of Dividend Aristocrats, so if you are looking for the best dividend stocks on Wall Street, you'll definitely want to check it out.

Karee Venema
Contributing Editor, Kiplinger.com

With over a decade of experience writing about the stock market, Karee Venema is an investing editor and options expert at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at Schaeffer's Investment Research. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.