S&P 500 gains for an eighth straight day, builds on longest win streak in 2 years: Live updates

The energy complex has continued to move lower throughout the day Wednesday, sending the benchmark December RBOB gasoline futures as low as $2.1220 a gallon, the lowest since Dec. 16, 2022.

On the crude side, December West Texas Intermediate contracts touched a low of $74.91 per barrel intraday, while January Brent contracts touched a low of $79.20 a barrel, in both cases the weakest price since July 20.

The S&P 500 Energy Index is among the worst hit groups of stocks on Wednesday, dropping 0.9% in late day trading, and down almost 9% so far in the fourth quarter, the worst of the S&P 500's 11 main sectors.

Brent crude futures fell $2.07, or 2.54%, to settle at $79.54 a barrel. U.S. crude lost $2.04, or 2.64%, to settle at $75.33.

— Scott Schnipper, Christopher Hayes

Shares of companies with highly anticipated earnings reports due out Wednesday evening were under modest pressure in afternoon trading.

• Disney: down 0.3%
• Instacart: down 2%
• Affirm: down 1.8%

Wednesday's losses added to a rough stretch for Disney and Instacart, which is down more than 4% and 8%, respectively, over the past three months. Payments stock Affirm has jumped nearly 38% over the past three months.

One stock that bucked the trend Wednesday was MGM Resorts, gaining 1.1%.

— Jesse Pound

Energy stocks in the S&P 500 saw more sliding in Wednesday's session.

The S&P 500 sector lost 1% on Wednesday. That made it the second worst performer of the 11, behind just utilities, which dropped 1.5%. By comparison, the index is sitting around its flatline for the day.

It has also fallen the most of any sector since the week began with a tumble of more than 4%. EQT has led the index lower on the week, shedding more than 10%. Marathon Oil followed with a dip of 9.5%.

That means it has also weighed on the S&P 500 on the week. The broad index is up 0.4%.

— Alex Harring

Odds are increasing that the warring political factions in Washington could shut down the government later this month, according to Goldman Sachs.

"We still think Congress is likely to avoid a shutdown in November, but with the House seemingly unlikely to vote on an extension until shortly before the deadline, the risks have risen somewhat," Goldman economists Alec Phillips and Tim Krupa said in a client note Tuesday.

The firm noted a number of dynamics, including how long a potential spending extension will last, and how Congress will choose to allocate funds to the wars in Ukraine and Gaza.

—Jeff Cox

A rough October for the major averages made for a good month at least relatively speaking for stocks pickers, even as allocations to active strategies shrank, according to Bank of America.

Some 68% of large-cap active managers beat the for the month, well above what's typical. That brought the year-to-date beat rate to 41%, ahead of the 38% average. The average large-cap active fund lost 1.9%, compared to the 2.5% loss for the benchmark.

However, investors reduced their allocations to active funds, now down to 47% of total assets under management. Bank of America equity and quant strategist Savita Subramanian said managers are "benchmark hugging" as conviction over the market direction wanes.

Both value and core managers also had strong months, posting respective beat rates of 84% and 80%.

— Jeff Cox

Several stocks in the S&P 500 hit new 52-week highs on Wednesday, including Hilton Worldwide, Ross Stores, Adobe and Akamai Technologies. Additionally, 12 stock were trading at their all-time high levels, including:

• O'Reilly Auto (ORLY), trading at all-time high levels back to its IPO in 1993
• Arthur J Gallagher (AJG), at all-time high levels back to its IPO in 1984
• Cardinal Health (CAH), at all-time highs back to its IPO in 1983
• Axon Enterprise (AXON), at all-time highs back to 2001
• Cintas (CTAS), at all-time high levels back to its IPO in 1983
• Trane Technologies (TT) 
• Cadence Design Systems (CDNS), at all-time high levels back to 1987
• Fair Isaac (FICO), at all-time highs back to when it was listed at the NYSE in 1986
• Gartner (IT), at all-time highs back to its IPO in 1993
• Motorola Solutions (MSI)
• Roper (ROP), at levels not seen since its IPO in 1992
• Synopsys (SNPS), at all-time high levels back to its IPO in 1992

The following stocks hit 52-week lows on Wednesday:

• eBay (EBAY) trading at lows not seen since Oct. 2022
• J.M. Smucker (SJM), at lows not seen since Sept. 2020
• Chevron (CVX), at lows not seen since Sept. 2022
• Biogen (BIIB), at lows not seen since Sept. 2022
• Air Products (APD), at lows not seen since Nov. 2022

— Chris Hayes, Tanaya Macheel

Upstart Holdings plunged 27% after the consumer lending company reported disappointing third-quarter results, and issued lackluster guidance.

The company posted a quarterly loss of 5 cents per share, greater than the 2 cent per-share loss expected by analysts polled by LSEG, formerly known as Refinitiv. Revenue came in at $135 million, lower than the forecasted $140 million.

Upstarted issued fourth-quarter revenue guidance of $135 million, lower than the forecasted $157 million. It sees adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) in line with the $11 million profit estimate from StreetAccount.

— Sarah Min

Eli Lilly shares rose slightly after the Food and Drug Administration approved the company's tirzepatide as a treatment for obesity. Since the drug is already approved as a type 2 diabetes treatment, marketed under the brand name Mounjaro, the decision was highly anticipated.

Ahead of the news, Lilly shares had already gained more than 65% since the start of the year.

The potential market for anti-obesity medications is enormous, with more than 40% of American adults having obesity, according to the Centers for Disease Control and Prevention. Several analysts anticipate annual sales in the category could top $100 billion a year by 2030.

In clinical trials, patients lost about 21% of their starting weight.

— Christina Cheddar Berk

Check out some of the companies making headlines in midday trading.

Upstart Holdings — Stock in the artificial intelligence lending platform tumbled more than 26% after missing third-quarter sales and earnings estimates. The company reported an adjusted loss of 5 cents per share on $134.5 million in revenue, against estimates from analysts polled by FactSet of a a loss of 2 cents and $139.6 million.

Biogen — Stock in the biotech company fell more than 4% after third-quarter sales and earnings topped analyst estimates. The maker of Tysabri for multiple sclerosis slashed its annual profit forecast, however, due to costs tied to Alzheimer's treatment Leqembi and the acquisition of Reata Pharmaceuticals last month.

Occidental Petroleum — Shares of the Houston-based energy producer, (22% owned by Buffett's Berkshire Hathaway), climbed more than 2% after quarterly earnings surpassed analyst expectations. Occidental reported earnings of $1.18 per share amid strong oil production, higher than the consensus estimate of 84 cents per share, according to LSEG.

Read the full list here.

— Brian Evans

Warner Bros. Discovery dropped more than 15% as investors chided the entertainment giant's third-quarter earnings report.

While revenue came in line with the consensus forecast of analysts surveyed by Refinitiv, the company saw a much wider loss per share than expected. Warner Bros. Discovery also warned of sliding advertising revenue, as well as a "generational disruption" within the media industry.

The stock has underperformed the broader market this year, up around 4% since 2023 began.

— Alex Harring, Drew Richardson

Altimeter Capital Chair and CEO Brad Gerstner said Wednesday that he has reduced exposure on the stock market after this year's rally, but he remains bullish on American companies.

"We've taken some risk off the table as prices have gone up, but we're still leaning forward and still bullish on America," Gerstner said on CNBC's "Squawk Box."

The tech investor revealed that his net exposure today is 60%, down from 93% at the beginning of the year.

— Yun Li

Rivian shares declined 2.5% Wednesday on the back of its quarterly earnings and guidance, after jumping more than 7% during premarket trading. The company raised its production forecast for the full year, but several Wall Street analysts remained more muted on their outlook for shares.

Shares of Lucid also tumbled 7.3% after lowering its 2023 production outlook and posting weaker-than-expected revenue pullback in the third quarter.

Tesla also fell more than 1% Wednesday.

— Hakyung Kim

Take-Two rallied as investors awaited earnings and a potential game announcement.

Shares of the gaming company, which is expected to report earnings for its second fiscal quarter after the bell, climbed 6% in Wednesday morning trading.

Excitement grew after Rockstar Games president Sam Houser said in a post on X, formerly known as Twitter, that "the first trailer for the next Grand Theft Auto" would be released in early December, in tandem with the studio's 25th anniversary. Bloomberg reported Tuesday night that the company would announce the game as early as this week.

— Alex Harring, Rohan Goswami

Robinhood shares tanked 13% after the retail brokerage posted a decline in trading volumes in the recent quarter.

Third-quarter revenue rose 29% to $467 million, but fell short of the $480 million expected by Wall Street analysts. The company's net loss narrowed to $85 million, or 9 cents a share, and topped Wall Street's expectations.

However, the company experienced a 13% decline in transaction revenue connected to stock trading from a year ago. Crypto trading tumbled 55% from last year. Overall, the company experienced an 11% decline across transaction-based revenue.

The company also posted fewer monthly active users, reporting a 16% decline year over year to 10.3 million.

— Tanaya Macheel

Stocks opened marginally higher on Wednesday.

The Dow Jones Industrial Average rose 48 points, or 0.14%, while the S&P 500 added 0.2%. The Nasdaq Composite inched up 0.19%.

— Samantha Subin

Roblox shares surged more than 18% before the bell after posting stronger-than-expected third-quarter results.

Revenue, referred to as bookings, came in at $839 million and ahead of the $830 million estimate, per LSEG. The gaming platform posted a narrower-than-expected loss of 45 cents per share, versus the 51-cent loss expected by Wall Street.

Year over year, Roblox reported a 20% increase in bookings. Daily active users also rose 20% from a year ago to 70.2 million.

— Samantha Subin, Ashley Capoot

Check out the companies making headlines before the bell.

• Rivian Automotive — The EV maker popped 8.8% in early Wednesday trading after increasing its production forecast for the full year by 2,000 units, to 54,000, and posted a smaller-than-expected loss in the latest quarter. 
• Lyft — Shares gained 2.9% ahead of the rideshare company's earnings set for release postmarket Wednesday. Analysts surveyed by FactSet's StreetAccount expect 15 cents per share in earnings on revenue of $1.14 billion, while Lyft's past guidance forecast revenue to come in between $1.13 billion and $1.15 billion. 
• Warner Bros. Discovery — The owner of HBO and The Food Network lost 0.5% premarket after revenue missed analyst estimates along three key metrics (Studios, Network and Direct-to-Consumer), as did adjusted EBITDA for Studios and Networks, according to FactSet.

For the full list, read here.

— Pia Singh

Occidental Petroleum on Tuesday reported quarterly earnings that surpassed analyst expectations, causing shares to rise slightly in premarket trading.

The Houston-based energy producer reported earnings of $1.18 per share amid strong oil production, higher than the consensus estimate of 84 cents per share, according to LSEG.

Occidental said it bought back $342 million of Berkshire Hathaway's preferred shares. The company has redeemed 15% of the initial $10 billion investment by the conglomerate this year that was used by Occidental to fund its acquisition of Anadarko Petroleum in 2019. Warren Buffett's company has taken its stake in Occidental to over 25%.

Bank of America reiterated its buy rating on Occidental following the report. The firm said it was another quarter of productivity improvements.

"We see Oxy with capacity to eliminate preference shares by end of 2026, while buying back shares with only modest top line production growth from what is still one of the most capital efficient, unhedged oil portfolios with a deep inventory amongst the US E&P's," Bank of America said in a note.

Shares were last up 0.6% before the bell.

— Yun Li

Rivian Automotive shares jumped more than 8% before the bell after the electric vehicle maker posted stronger-than-expected results for the third quarter and production guidance.

The company posted a GAAP loss of $1.44 per share, versus a loss of $1.88 per share a year ago. Revenue came in at $1.34 billion and slightly ahead of the $1.32 billion expected by analysts polled by StreetAccount.

Rivian also got a boost from strong full-year production guidance, which the company lifted to 54,000. The company also said it would end its exclusivity with Amazon, allowing other companies to purchase its vans.

— Samantha Subin

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances fell last week to 7.61% from 7.86% for the largest one-week decline in over a year.

Amid the pullback, total mortgage application volume rose 2.5% last week from a year ago, according to the the Mortgage Bankers Association's seasonally adjusted index.

— Diana Olick, Samantha Subin

Tom Lee thinks the skepticism around the early November rally may be unwarranted.

"These gains have come on the heels of a change in tone from the Fed ('dovish') and at a time when economic data remains supportive of a soft landing (cooling inflation)," wrote Lee, head of research at Fundstrat.

"In terms of market internals, there has been a substantial improvement with better market breadth and continued follow through," he added.

The S&P 500 is riding its longest daily winning streak since 2021. It's also up more than 4% so far in November.

— Fred Imbert

New Zealand's inflation forecast dropped to a two-year low in the fourth quarter, a Reserve Bank of New Zealand survey showed.

The RBNZ's two-year inflation expectations, viewed as roughly the time frame when the central bank's monetary policy action will translate to prices, fell to 2.76% from 2.83% in the previous quarter ending September.

The annual price increases for one-year-ahead was expected to cool to 3.60%, from 4.17% previously.

One-year-ahead expectation for annual wage inflation was 4.43%, down from 5.04% in the third quarter, while the two-year-ahead expectation for annual wage inflation was at 3.53%, lower than the last quarter's 3.66%.

The survey highlights that the central bank's interest rate hiking cycle has shown signs of bringing down price pressures. The RBNZ will hold its next policy meeting on Nov. 29.

— Shreyashi Sanyal

From nutrition to beauty, a "global shift to wellness" is taking place — not just among consumers but also governments, Morgan Stanley says.

The Covid-19 pandemic was a big factor behind the rising focus on weight and its implications for health, the investment bank noted, though it added that wellness goes beyond weight loss and also encompasses fitness, nutrition, appearance, sleep and mindfulness.

CNBC Pro takes a look at the stocks Morgan Stanley says will be affected — both positively and negatively.

Subscribers can read more here.

— Weizhen Tan

Confidence among large Japanese manufacturers rose in November, according to the Reuters Tankan survey, which measures business sentiment among large Japanese companies.

This is the first time that the index improved since August, while service-sector mood rose for a second month.

Manufacturers' sentiment index rose to +6 in November versus +4 in October, and the service-sector index was at +27 above +24 last month.

The survey underscored a patchy economic recovery and a challenging outlook for Japan manufacturers.

It also mirrored a similar improvement seen in the Bank of Japan's closely watched quarterly tankan survey.

A positive figure means that optimistic respondents outnumber pessimists, and vice versa.

— Shreyashi Sanyal

The tech theme has been reigning supreme this year and one segment in particular stands out to Morgan Stanley: the memory sector.

Calling it "the gift that keeps on giving," the investment bank notes that the sector's "pricing power is now among the best in tech, and still in early recovery stage."

The bank reveals its "top picks" and "preferred plays."

CNBC Pro subscribers can read more here.

— Amala Balakrishner

Tuesday's trading session marked the longest stretch of positive days since November 2021 for both the S&P 500 and Nasdaq Composite indexes.

The S&P 500 gained 0.28%. The stock with the most positive impact on the index was Apple, which gained about 1.5%.

Apple also had the most positive impact on the Nasdaq Composite. The tech-heavy index was up 0.9%.

The Dow Jones Industrial Average gained about 57 points, or 0.17%, to notch its longest winning streak since July. Salesforce had the most positive impact on the 30-stock index.

— Lisa Kailai Han, Chris Hayes

These are the stocks moving the most in extended market trading:

• Robinhood — Shares of the trading platform app slid more than 8%. Robinhood posted third-quarter revenue of $467 million, compared to analysts' estimate of $478 million, per LSEG.
• eBay — Shares of the e-commerce giant dropped 6%. Third-quarter revenues came in at $2.5 billion, in line with analysts' expectations, per LSEG.
• Toast – Shares dropped 17% in extended trading. Toast, a provider of restaurant point-of-sale systems, posted a third-quarter loss of 9 cents per share, while analysts polled by LSEG anticipated earnings of 10 cents per share.

Read the full list of stocks moving here.

— Lisa Kailai Han

Stock futures traded near flat Tuesday night.

Dow futures ticked up around 0.04% after 6 p.m. ET, while S&P 500 and Nasdaq 100 futures were both marginally around flat.

— Lisa Kailai Han