Stock market today: Dow hits a 9-day losing streak as indexes slide ahead of Fed's rate decision
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- Stocks fell Tuesday, with the Dow Jones hitting a nine-day losing streak.
- Indexes dipped as investors braced for the Fed's final interest rate decision of the year.
- Nvidia stock deepened its correction, while Tesla hit a record high.
US stocks declined on Tuesday, plunging the Dow Jones Industrial Average to its first nine-day losing streak since 1978.
The index shed over 250, trailed by a loss of 0.43% and 0.51% for the S&P 500 and Nasdaq Composite, respectively. The Dow has lost 2.8% since the start of December.
Investors are preparing to receive the Federal Reserve's last interest rate decision this year. Markets expect the Fed to deliver another quarter-point rate cut on Wednesday.
Though the market is nearly certain that the Fed will cut this week, stronger-than-expected retail sales in November raised uncertainty around next year's outlook for monetary policy
"November retail activity was solid as consumers have plenty of spending power from higher incomes, rising portfolio values, and stable financial footing. This report will likely add to the Fed's debate about the policy path for 2025," wrote Jeffrey Roach, chief economist for LPL Financial. "Unless the labor market materially weakens, investors should expect the Fed to ease rates next year but not as much as originally hoped."
Among individual stocks, Nvidia's stock continued to correct on Tuesday. Shares in the AI chipmaker are close to bear market territory after dropping 17% from November's record high.
Meanwhile, fresh bullishness on Tesla sent the stock to another record high.
Here's where US indexes stood at the 4:00 p.m. closing bell on Tuesday:
- S&P 500: 6,050.61, down 0.39%
- Dow Jones Industrial Average: 43,449.90, down 0.61% (-267.58 points)
- Nasdaq composite: 20,109.06, down 0.32%
Here's what else is happening today:
- Bitcoin just flashed a trifecta of bullish signals pointing to a $124,000 rally in coming months.
- Here's the stock market playbook for 2025, according to Morgan Stanley's top stock strategist.
- A key part of Russia's oil trade has taken a hit in recent months as seaborne shipments dip.
- Investors' dwindling cash holdings may be a sign it's time to sell stocks, Bank of America says.
- The stock market is verging on a Santa rally, but only if the Fed delivers on expectations, says Bank of America.
In commodities, bonds, and crypto:
- West Texas Intermediate crude oil dropped o.64% to $70.26 a barrel. Brent crude, the international benchmark, fell 0.77% to $73.34 a barrel.
- Gold inched down by 0.25% to $2,663.3 an ounce.
- The 10-year Treasury yield was unchanged at 4.399%.
- Bitcoin rose 0.6% to $106,789.