Stock Market Today: S&P 500 Extends Losing Streak
The broad market index has now closed lower for five straight sessions.


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."
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free 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.
While the broader market chopped around on Wednesday, several individual stocks made decisive moves. Carvana (CVNA), for one, plummeted 42.9% as bankruptcy buzz swirled around the one-time pandemic darling. Tesla (TSLA) 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, +0.6%), which lifted its annual dividend by 6%, and air carrier Southwest Airlines (LUV, -4.7%), which reinstated its dividend payment after suspending it early on in the pandemic.
Additionally, Lowe's (LOW, +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.
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
Small Businesses Are Racing to Use AI
The Kiplinger Letter Spurred on by competitive pressures, small businesses are racing to adopt AI. A recent snapshot shows the technology’s day-to-day uses.
-
The Me-First Rule of Retirement Spending
Follow the 'Me-First" rule and you won't have to worry about running out of money when the stock market goes south.
-
S&P 500 Slips Ahead of Fed Week: Stock Market Today
All eyes are on the Federal Reserve ahead of next week's critical policy meeting.
-
September Fed Meeting: Live Updates and Commentary
The September Fed meeting is a key economic event, with Wall Street keyed into what Fed Chair Powell & Co. will do about interest rates.
-
Dow Gains 617 Points as Rate Cuts Near: Stock Market Today
Wednesday's economic data didn't shift Wall Street's expectations that the Fed is preparing for a rate cut at next week's meeting.
-
Hot August CPI Report Doesn't Shift the Rate-Cut Needle: What the Experts Say
The August CPI came in higher than forecast on a monthly basis, but Wall Street still expects a rate cut at next week's Fed meeting.
-
S&P 500 Hits New High After Oracle Earnings: Stock Market Today
Another down day for Apple held the Dow Jones Industrial Average back, though.
-
Stocks Grind Up to New All-Time Highs: Stock Market Today
UnitedHealth stock led the Dow Jones Industrial Average amid increasing signs the labor market has not been well for months.
-
Markets Prepare for August Inflation Data: Stock Market Today
Apple CEO Tim Cook is still important, but price action this week is as much about incoming inflation data ahead of next week's Fed meeting.
-
Stocks Slip as Job Growth Stalls: Stock Market Today
The August jobs report came in much weaker than expected, while the unemployment rate ticked higher.