New York, NY – The S&P 500 opened on a positive note for the fourth time this week, only to end the day lower yet again.

Marking its fifth consecutive session of declines, the S&P 500 fell by 0.2%, while the Dow Jones Industrial Average managed to stay up by approximately 25 points, or 0.1%. In contrast, the Nasdaq Composite dipped by 0.5%.

This losing streak is the longest for the S&P 500 since October 23, although it is down only about 4.6% from its record close on March 28. Technology stocks faced challenges once more as bond yields increased.

On Thursday, the 2-year Treasury yield closed at 4.988% at 3 p.m. ET after briefly surpassing 5%, the highest it has been at 3 p.m. since November 13. Additionally, the 10-year yield rose to 4.646%.

Despite the release of the latest economic data and earnings reports, stock prices failed to see any significant boost. Comments from Federal Reserve officials also leaned towards a hawkish outlook.

Louis Navellier, founder of Navellier & Associates, noted that high interest rates were adding pressure on high P/E multiples through discount rate models. This resulted in little room for sales and profit growth disappointments, as seen in several companies’ shares trading down even after beating estimates.

In recent weeks, there has been a lack of hype surrounding artificial intelligence, but this may change as major technology companies like Tesla, Meta Platforms, Alphabet, and Microsoft prepare to report their results next week.