By Yasin Ebrahim

Investing.com – The Dow extended its losing streak Thursday as an intraday reprieve was quickly reversed by selling pressure amid ongoing worries the Federal Reserve’s plan to curb inflation could tip the economy into recession. 

To close in red for the sixth consecutive day, the fell 0.3% or 103 points. While the fell by 0.05%, the gained 0.1%.

Tech closed above its lows of the session, as dip-buyers appeared to test waters following an intense selling intraday, but the appetite for big bullish bets on the sector remains sidelined by fears that elevated inflation will keep the Federal Reserve on a hawkish .

Big tech’s decline was led by Microsoft, Apple (NASDAQ), and Alphabet. Semiconductor stocks helped steady tech, however, as AMD (NASDAQ:) and NVIDIA (NASDAQ:) cut the bulk of their losses. 

Final demand rose 0.5% in November according to economists’ predictions. It also increased 11% through November surpassing expectations of a 10.7% rise.

“Nothing in yesterday’s or today’s report suggests the Committee will deviate from the implied increase of 50bps on June 15, although some are beginning to reconsider the possibility of 75bp increase,” Stifel said in a note.

The wider market sale was also a result of financial stocks being under pressure. This is due to the fact that Treasury yields continue to fall on concerns about global growth.

Signature Bank (NASDAQ:), Citigroup Synchrony (NYSE:), and (NYSE:), were the largest decliners with Synchrony Financial falling more than 6%.

Wolf Research downgraded Synchrony Financial to underperform from peer perform, citing a deteriorating credit outlook.

After volatile oil price movements, energy stocks saw their losses fall to a flatline. Investors continue to balance the risks of weakening demand against possible supply shortages.

On the earnings front, however, mixed results were achieved for quarters.

WeWork (NYSE:) saw its losses decrease in due to a recovery in office demand following the pandemic-induced slump. This pushed its shares up more than 10%.

Walt Disney The company reported, however, that it missed both its top and bottom line. However, streaming proved to be a positive for them as the company reached 200 million subscribers. Ending the day, the stock fell less than 1%

Beyond Meat (NASDAQ:) fell more than 4% after a wider loss than expected as rising costs dented margins.

“With increasing competitive pressures, challenges in scaling the business, and intermediate-term capital needs, we believe investors should stay on the sidelines,” Oppenheimer said in a note.  

Rivian Automotive (NASDAQ:) jumped nearly 18% despite reporting quarterly results.

“This quarter [for Rivian] was not without issues, but it does finally appear that Rivian is on the right track with strong demand and a supply chain that should produce 25k deliveries this year reaffirming its guidance,” Wedbush said in a note.

Many people are debating whether the stock market is close to bottom following the recent dip.

Some on Wall Street have earmarked the 30-month moving average near 3,800 for the S&P 500 as the level that could attract dip buyers, but remain wary of suggesting that a bottom is close.

“[W]e still believe the U.S. equity markets are closing in on a significant low for the year, but again this process may take more time and see more damage done before that materializes,” Janney Montgomery Scott said.