Traders work on the floor of the New York Stock Exchange (NYSE) on May 18, 2022 in New York City.
Spencer Platt | Getty Images
Stocks were muted Tuesday as traders took a breather following a sharp rally on Wall Street to start November.
The S&P 500 inched up 0.3%, while the Dow Jones Industrial Average added 63 points, or 0.2%. The Nasdaq Composite outperformed, rising about 0.8%.
Technology stocks moved higher as yields pulled back, with the yield on the 10-year Treasury note last trading about 7 basis points lower at 4.595%. Some notable gainers included Microsoft, Amazon and Advanced Micro Devices, last up about 1% each. Datadog popped 24% for one of its best days on record after topping quarterly results and offering a strong outlook.
"I think the market is responding today to lower yields," said Andrew Slimmon, noting that those moves also contributed to last week's rally.
"We could see some consolidation because of such a strong move last week, but the S&P is only at 4,370, so I still think there's good upside into year end," added the managing director at Morgan Stanley Investment Management.
Stocks eked out a gain Monday, with the tech-heavy Nasdaq earning its seventh-straight positive session for the first time since January. Both the S&P 500 and the 30-stock Dow were higher for the sixth-straight session.
Wall Street continued to assess whether last week's rally can continue after all three indices wrapped their best week in 2023. The November uptick contrasts a weak October in which the S&P 500 slipped into correction territory. Investors grew optimistic after the Federal Reserve left interest rates unchanged following their meeting last week. Treasury yields slid and stocks climbed.
Although November is just getting started, all the major averages are on pace for monthly gains. The Dow is up 3.1%, while the S&P and Nasdaq have jumped 4.1% and 5.7%, respectively.
Elsewhere, quarterly results from Disney, Wynn Resorts and Occidental Petroleum are due out this week.
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November 07, 2023 at 10:27PM
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S&P 500 is little changed after 6 straight days of gains: Live updates - CNBC
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