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Stock market today: Live updates

A trader works on the floor of the New York Stock Exchange on Sept. 28, 2023.

Brendan McDermid | Reuters

U.S. stock futures were little changed Thursday night after the S&P 500 ended an eight-day run of gains.

Futures tied to the Dow Jones Industrial Average ticked up by 3 points, or 0.01%. S&P 500 futures and Nasdaq 100 futures dipped 0.06% and 0.2%, respectively.

In after-hours action, shares of casino operator Wynn Resorts dropped nearly 5%. The company posted beats on the top and bottom line for the third quarter, but noted a decline in operating revenues at its Encore Boston Harbor location. Elsewhere, The Trade Desk swooned about 30% after the company offered weak revenue guidance for the fourth quarter.

During Thursday’s trading, the S&P 500 slipped 0.8%, and snapped its longest winning streak since 2021. The Nasdaq Composite declined by 0.9%, ending a nine-day string of wins — also its lengthiest run of gains in two years. The 30-stock Dow dropped nearly 0.7%.

Stocks sold off after Federal Reserve Chair Jerome Powell said the central bank is “not confident” it has done enough in the battle against inflation. 

“The Federal Open Market Committee is committed to achieving a stance of monetary policy that is sufficiently restrictive to bring inflation down to 2 percent over time; we are not confident that we have achieved such a stance,” he said in prepared remarks at an International Monetary Fund event. 

Bond yields moved higher as stocks fell on Powell’s speech. The 10-year Treasury jumped more than 12 points and was last trading at 4.632%. 

“The bond market itself is typically a lot smarter than the stock market when it comes to predicting rates,” Kevin Simpson, Capital Wealth Planning founder and chief investment officer said on CNBC’s “Closing Bell” on Thursday. 

The investor said he’s managing his portfolios under the expectation rates will stay “higher for longer.” 

“The Fed’s not cutting rates … We’ve got to prepare for a market that’s going to have higher rates until the beginning of 2025,” Simpson said. 

As the week winds down, the S&P 500 and the Dow are poised for modest losses of 0.3% and 0.5%, respectively. The Nasdaq has a modest gain of 0.3% week to date.

In the world of economic data on Friday, the market will be looking toward November’s preliminary consumer sentiment data for insights on the health of the consumer.

Wall Street will also be listening closely toward several remarks from central bank officials, which include San Francisco Fed President Mary Daly, Atlanta Fed President Raphael Bostic and Dallas Fed President Lorie Logan.

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