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Stock market today: Dow hits a 9-day losing streak as indexes slide ahead of Fed's rate decision
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:
Here's what else is happening today:
In commodities, bonds, and crypto:
Read the original article on Business Insider