Traders are working at the New York Stock Exchange on Dec. 17, 2024. The Dow Jones Industrial Average is close to having its first nine-day losing streak since the 1970s. It dropped by 0.7%, losing 322 points. The S&P 500 went down by 0.4% and the Nasdaq Composite by 0.3%. The Dow began its losing streak after reaching over 45,000 for the first time this month.
The market is doing well overall, with the S&P 500 and Nasdaq hitting new highs recently. The Dow’s losses are due to investors moving from old-economy stocks to tech stocks. Nvidia, a new tech member of the Dow, has also faced challenges. Tesla is doing well, but Broadcom lost 5%.
Investors are worried about the Federal Reserve’s upcoming interest-rate decision. There’s a 95% chance of a quarter-point cut. Some fear this move could lead to a stock market bubble. Retail sales in November were higher than expected, adding to these concerns.
