Stocks rose higher on Tuesday as Wall Street continued to build on November's current rally. The Dow Jones Industrial Average added nearly 57 points, while the S&P 500 Index and Nasdaq Composite gained 0.3% and 0.9%, respectively.
Here's how the market settled on Tuesday:
S&P 500 Index (NYSE: SPY): +0.28% or +12.40 points to 43,78.38
Dow Jones Industrial Average (NYSE: DIA): +0.17% or +56.74 points to 34,152.60
Nasdaq Composite Index (NASDAQ: QQQ): +0.90% or +121.08 points to 13,639.86
The S&P 500 for a seventh consecutive day for the first time since its eight-day win streak notched in November 2021, boosted by falling U.S. Treasury yields and notable gains in technology stocks such as Amazon (NASDAQ: AMZN), Apple (NASDAQ: AAPL), Microsoft (NASDAQ: MSFT), and Meta Platforms (NASDAQ: META). The Nasdaq and Dow are also on their longest winning streaks since November 2021 and July 2023, respectively.
Semiconductor stocks like Advanced Micro Devices (NASDAQ: AMD), Broadcom (NASDAQ: AVGO) and Intel (NASDAQ: INTC) also rose Tuesday ahead of the start of funding from the U.S. Chips Act.
On the earnings front, Datadog (NASDAQ: DDOG) shares popped 28% on Tuesday, marking the stock's best day ever, after the company reported strong third-quarter earnings and forward guidance. The company expects fourth-quarter revenue between $564 million and $568 million, as well as full-year revenue of about $2.1 billion.
"Into the print there was a lot of anxiety about whether Datadog would follow AWS to improving QoQ growth and stable YoY, or demonstrate a worried disconnect and continue to decelerate on a YoY basis," Bernstein Research analysts led by Peter Weed wrote in a Tuesday note. "Datadog emphatically dispelled these worries."
Uber Technologies (NYSE: UBER) shares rose despite its third-quarter earnings coming in below Wall Street expectations as the ride-hailing company's bookings topped its guidance. CEO Dara Khosrowshahi said in a statement that Uber's third-quarter was "very strong," as it was supported by accelerations in the company's gross bookings, trips and monthly active users.
"These results demonstrate that Uber continues to drive profitable growth at scale-and why we believe we're well positioned for the journey ahead, in good or bad macro environments," he said.
For the fourth-quarter, Uber expects gross bookings between $36.5 billion and $37.5 billion.
Also making headlines, WeWork (NYSE: WE) filed for Chapter 11 bankruptcy protections in New Jersey federal court on Tuesday, stating that it entered agreements with more of its secured note holders and intends to shorten "non-operational" leases. The filing, which is limited to the U.S. and Canada, reported liabilities between $10 billion and $50 billion.
Looking ahead, Goldman Sachs' portfolio strategy research team said in a Tuesday note that the S&P 500 has weaker returns on average in a U.S. presidential election year, as the 2024 election now sits 12 months away. According to Goldman, the average S&P 500 return on election years is only 4% since 1984. More broadly, the S&P has returned an average of 7% during election years and 9% outside of elections since 1932.