The Dow Jones Industrial Average and the S&P 500 racked up three consecutive losing sessions on Wednesday.
Futures linked to the S&P 500 traded near the flatline Wednesday night after the index notched a three-day run of losses.The Dow ended Wednesday's session with its biggest one-day loss since early September, dropping more than 400 points, or 0.96%. TheWednesday marked the third consecutive day of losses for both the Dow and the S&P 500. The 10-year Treasury yieldthis week, topping the 4.25% threshold on Wednesday at the high of the session.
Paul Hickey, the co-founder of Bespoke Investing Group, said that he wouldn't read too much into the recent sell-off in stocks. "It's a rough day today, but you just have to put it in the perspective of what we've seen over the last six weeks. Part of this rally has been driven by the fact that earnings results — to start with, the big banks — were very strong, and their stock price reactions were also positive," he said on CNBC's"Hickey cautioned that the market might experience a slight pullback after November's U.S. presidential election.
"You could be set up for the stage of disappointment once the election comes and sell the news reaction. But I don't think it's going to be anything too bad. The overall market backdrop is very good in terms of breadth, earnings, the economy, and the Fed is at the market's back," he said.Stocks making the biggest moves after hours: Tesla, IBM, T-Mobile and more
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