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The Dow Jones Industrial Average ended its five-day winning streak with a 100-point-plus drop. In today's After the Bell, we... 
•...marvel at the length of time since the S&P 500 hit a new high;
•...review Snap-On's (SNA) earnings-related surge;
•...and explain why eBay (EBAY) fell to the bottom of the S&P 500.

Still Stuck

President Donald Trump said he's not happy with the Federal Reserve raising rates. The market wasn't happy with his comments.

The S&P 500 fell 0.4% to 2804.49, while the Dow Jones Industrial Average dropped 134.79 points, or 0.5%, to 25,064.50. The Nasdaq Composite declined 0.4% to 7,825.30.

Don't get me wrong. The market was already weak when the president made his remarks, and it even bounced back a bit when the dollar started to drop. But that didn't stop the Dow from closing near its low of the day. "One of the catalysts today may have been President Trump's suggestion that the Fed shouldn't be raising rates," writes Stephen Todd of Todd Market Forecast.

But under the surface, there were reasons for optimism. Todd notes that even though the market dropped, breadth was actually pretty decent. "Well, we got a correction of sorts, but breadth made a big improvement," he writes. Advancing stocks outpaced losers by 3 to 2.

Still, it's been a long time since the market last hit an all-time high or fell into a bear market—110 days, in fact. The average time it takes to do that after hitting a record high is 92 days. That fact, however, might actually be good news, explains Sundial Capital Research's Jason Goepfert. Of the 14 other corrections that have lasted 110 days or more without a new high or a 20% decline, 11 of them resulted in a continuation of the bull market. "It wasn’t a bad sign," he notes.

In this case, patience may really be a virtue.


Snap-On (SNA) shot to the top of the S&P 500 on Thursday, after reporting its second-quarter earnings. 
Snap-On was up $15.04, or 9.5%, to $173.29.

The Wisconsin-based maker of automotive tools, diagnostic equipment, and software surpassed its second-quarter earnings estimates thanks to a rise in its operating margin. Snap-On’s profit increased to $178.7 million, or $3.11 a share, compared with $153.2 million, or $2.60, for the same period last year.

Snap-On is up 22.6% since its low in May this year, and it's climbed 10.8% in the past 12 months. —Varada Bhat

S nap-On (SNA): 9.5%

Dover Group (DOV): 5.3%
Danaher (DHR): 4.5%
Scana (SCG): 3.5%
Williams (WMB): 3.3%


EBay slumped to the bottom of the index after it lowered its revenue forecast for the rest of the year.

The online marketplace lost $3.84, or 10.1%, to $34.11. 
EBay’s guidance took center stage during last night’s earnings report. While the earnings were mostly in line with estimates, but revenue and offered guidance fell shy of forecasts.

EBay is down 14.9% year to date, and it's lost 7.7% in the past 12 months. —V.B.


eBay (EBAY): -10.1%
Freeport-McMoRan (FCX): -7.49%
Fifth Third Bancorp (FITB): -6.38%
Bank of New York Mellon (BK): -5.23%
AbbVie (ABBV): -4.71%
 After the Bell: Dow Drops 134 Points, and the Market Can’t Figure Out If It’s Rising or Falling


