S&P 500, Nasdaq finish higher to clinch longest winning streaks since November 2021: Live

Stocks finished higher on Tuesday, with the S&P 500 and Nasdaq Composite clinching their longest winning streaks since November 2021.

The S&P added 0.28% to close at 4,378.38, while the Nasdaq jumped 0.9% to end at 13,639.86. The Dow Jones Industrial Average edged up 56.74 points, or 0.17%, to settle at 34,152.60.

— Samantha Subin

Wolfe Research strategist Rob Ginsberg noted that the early November rally could soon stall out, if the trading action from earlier in the year is any indication.

“Each rally since the July peak has stalled out before making a fresh 1-month high, before rolling over to a new 1-month low…the definition of a downtrend,” Ginsberg said.

To be sure, he also noted that some momentum indicators “inflected positive for all of the indices (last week), and today we see it being confirmed at the stock level.”

— Fred Imbert

The Dow was the worst performer of the three major indexes in Tuesday’s session, hurt by a group of sliding stocks.

The 30-stock index added just 0.2% while the S&P 500 and Nasdaq Composite climbed 0.3% and 1%, respectively.

Chevron dragged on the blue-chip average with a loss of nearly 2%. Boeing, Caterpillar and Dow, Inc. also restricted gains for the Dow through slides of more than 1% a piece.

While the laggards weighed on the index, the majority of the 30 members traded up in the session. Intel led the way with a gain of 2.3%. Salesforce advanced 2%.

— Alex Harring

Homebuyers should be due some relief in the next year, Meredith Whitney said on CNBC’s “Squawk on the Street” on Tuesday morning.

The founder of the Meredith Whitney Advisory Group believes that affordability issues will begin to arise as older populations downsize their homes. This should particularly challenge states that skew towards older demographics and therefore have lower job creation, which include Connecticut, New Jersey, New York, Pennsylvania, Ohio and Illinois.

“So unless they lower their home prices, they’re not going to get activity … And with higher rates, home value is worth less,” the analyst said. “So I think the next year is going to be a multi-year phenomenon — you’re going to see a leg down in housing.”

As bid-ask spreads contract and home prices weaken, Whitney predicts that activity in home sales will finally pick up.

— Lisa Kailai Han

U.S. crude prices have fallen nearly 4% to their lowest level since July, as weak economic data overshadows concerns that the Israel-Hamas war could erupt into a broader regional conflict.

West Texas Intermediate was down $3.09, or 3.82%, at $77.73 a barrel, while Brent fell $3.19, or 3.75%, to $81.99 a barrel, both at their lowest prices since July.

The drop came after China’s exports fell more than expected in October, indicating softening global demand.

— Spencer Kimball

The 2024 U.S. presidential election is now only 12 months away, with the primary season set to begin on Jan. 15. While every election year brings with it a unique mix of political and macroeconomic conditions, Goldman Sachs’ portfolio strategy research team says that equity returns tend to be weaker than average in the 12 months leading up to a presidential election. 

Since 1984, the average S&P 500 return on election years is only 4%, according to Goldman. When looking more broadly from 1932, the S&P 500 has averaged returns of 7% during an election year and 9% outside of election years. 

“Defensive sectors have performed best, perhaps reflecting the elevated uncertainty that typically characterizes the run-up to presidential elections,” said Kostin. 

CNBC Pro subscribers can read the full story here.

— Hakyung Kim

History says the Nasdaq 100‘s winning streak can keep going from here, according to Bespoke Investment Group.

The tech-heavy index is on track for its eight straight winning session. This would mark the 21st time that the Invesco QQQ Trust, which tracks the index, has had a streak that long, according to Bespoke. Prior times show that the top may not have been reached yet.

“The ETF has actually extended the winning streak to nine 60% of the time, including the last four times it has happened dating back to mid-2017,” the note said.

And in 14 of the prior 20 occurrences, the QQQ was higher three months after the 8-day period, as well.

— Jesse Pound

Several stocks in the S&P 500 are hitting record highs and lows on Tuesday.

Companies reaching 52-week lows include:

Air Products and Chemicals on Tuesday posted a beat on earnings for the fourth quarter but fell short of analysts’ revenue expectations, according to FactSet. Its shares plunged more than 11%. J.M. Smucker shed 1.6% after extending its previously announced offer to acquire bakery company Hostess Brands.

Those reaching 52-week highs include:

Walmart trading at all-time high levels back to when it first began trading on the New York Stock Exchange in Aug. 1972CBOE Holdings trading at all-time high levels back to its IPO in June 2010‎Discount retailer Ross Stores trading at levels not seen since Nov. 2021Adobe trading at levels not seen since Dec. 2021ServiceNow trading at levels not seen since Jan. 2022Footwear distributor Deckers Outdoor trading at all-time highs back to its IPO in Oct. 1993DraftKings trading at levels not seen since Nov. 2021

— Pia Singh

Big investors were jumping into stocks during last week’s rally, according to Bank of America.

Strategist Jill Carey Hall said in a note to clients Tuesday that large investment funds were the main source of equity buying last week.

“Hedge fund (largest inflow since June) and institutional clients were net buyers, while retail clients were net sellers for the first time since Sept,” the note said.

The buying largely came in the form of ETFs, as single stocks actually saw outflows among Bank of America clients, according to the note. Consumer discretionary was the most popular sector for buying.

— Jesse Pound

Here are some of the names moving in midday trading:

Datadog — Shares rallied more than 30% after the cloud company reported a third-quarter earnings and revenue beat before the bell. Datadog’s guidance for both earnings per share and revenue for the fourth quarter and the full year also exceeded expectations. Biomarin Pharmaceutical — The pharma stock gained 11.4% after activist investor Elliott Investment Management built a stake in the company, according Reuters, citing two people familiar with the matter. GlobalFoundries — The semiconductor stock added about 7% after the GlobalFoundries posted an earnings beat for its third quarter. Guidance for fourth-quarter earnings was stronger than expected, but revenue estimates missed expectations.

To see more stocks making midday moves, read the full story here.

— Michelle Fox

Oil prices have dropped to the lowest level in more than two months after China reported a faster than expected drop in its exports, highlighting softening of global demand.

Brent crude futures fell $2.52, or 2.96%, to $82.66 a barrel, while West Texas Intermediate dropped $2.43, or 3.01%, to $78.39.

China’s exports fell 6.4% in U.S. dollar terms in October compared to the same period last year, worse than the 3.3% drop forecast by Reuters.

Softening demand has offset oil output cuts by Saudi Arabia and Russia. Riyadh and Moscow confirmed Sunday that they plan to maintain those cuts through at least the end of the year.

— Spencer Kimball

Semiconductor stocks broadly rose on Tuesday ahead of rollout of the Chips Act Funding.

Intel shares gained more than 2% on news that it is expected to be one of the first companies to receive funding from the Chips Act, according to a report from the Wall Street Journal on Monday after the bell.

Shares of NXP Semiconductors also gained more than 3% following its third quarter earnings on Monday after the bell. The company said it expects channel inventory to increase and expects auto content growth in 2024 as well as sequential growth in China.

GlobalFoundries also rallied nearly 9% on the back of strong quarterly results and guidance.

— Hakyung Kim

Cathie Wood took some profit in one of her favorite stocks — Roku — after the the streaming-video platform’s recent stellar run.

Her flagship Ark Innovation ETF (ARKK) sold 171,268 shares of Roku on Monday, the firm said. Roku is still ARKK’s biggest holding with a 9.4% weighting.

Earlier this month, Roku reported better-than-expected revenue for the third quarter, with revenue growing 20% year over year. The report sparked a huge rally in the stock, pushing its November gains to about 40% and year-to-date rally to over 105%.

— Yun Li

Datadog shares popped nearly 25% on Tuesday, putting the software company on pace for one of its best days on record.

The company blew past Wall Street’s estimates, posting earnings of 45 cents a share, excluding items, on $547.5 million in revenue. That topped expectations of earnings of 34 cents per share on revenues totaling $524.7 million.

Billings also came in ahead of expectations and customers with annual recurring revenue exceeding $100,000 rose 20% from a year ago to 3,130. Datadog shared stronger-than-expected guidance for the fourth quarter and full year.

Chicago Federal Reserve President Austan Goolsbee said Tuesday a soft landing is still on the table as the central bank seeks to combat inflation without hurting the economy significantly.

“Because of some of the strangeness of this moment, there is the possibility of the golden path … that we got inflation down without a recession,” Goolsbee said on CNBC’s “Squawk Box.”

 Goolsbee said the drop in price pressures might equal the fastest decline in inflation in the last century.

— Yun Li

Shares of Uber Technologies slipped 2% before the bell after the ride sharing company fell short of Wall Street’s third-quarter estimates on the top and bottom lines.

The ride-hailing company posted earnings of 10 cents per share on $9.29 billion in revenue. That fell short of the EPS of 12 cents and $9.52 billion in revenue expected by analysts polled by LSEG.

Despite the top-and-bottom line miss, Uber posted strong gross bookings, which came in at $35.3 billion and showed a 21% year-over-year increase.

Uber also shared strong guidance for the holiday quarter, saying it expects gross bookings to range between $36.5 billion and $37.5 billion for the period, versus a StreetAccount estimate of $36.5 billion.

— Samantha Subin, Ashley Capoot.

WTI and Brent crude oil prices reached their cheapest levels since August on Tuesday.

WTI and Brent fell to lows of 78.94 and 83.22, respectively. It marks the worst levels seen for each since Aug. 25.

— Alex Harring, Gina Francolla

These are some of the stocks making notable moves before the bell:

Uber — Shares of the ride hailing company rose 2% after third-quarter gross bookings topped the company’s guidance.Planet Fitness — The gym chain climbed 8.8% after surpassing expectations on both lines for the third quarter and raising its outlook for the year.Peloton — Shares dropped more than 5% on the back of a downgrade by Deutsche Bank to hold from buy.

See the full list here.

— Alex Harring