Traders work on the New York Stock Exchange trading floor during afternoon trading on Sept. 5, 2024.
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Stock index futures edge lower Dow Jones Industrial Average It set a record for the longest losing streak since 2018.
Futures and Dow Chemical It fell 80 points, about 0.2%. S&P 500 Index Futures edged down 0.2%, while Nasdaq 100 Futures fell 0.1%.
The overnight move came after a mixed session on Wall Street. The Dow Jones fell 0.25%, or nearly 111 points, marking its eighth consecutive day of losses for the first time since June 2018. Nasdaq Index rose 1.2%, hitting a new intraday high, while S&P 500 Index It rose slightly by nearly 0.4%.
The implementation of these measures has not met with the cooperation of market leaders NVIDIAdown 1.7%. Although the broader index and semiconductor names (e.g. Broadcom Hitting new highs. letter, apple and Tesla Monday also hit record highs, while the S&P Technology and Consumer Discretionary sectors closed at record highs.
Traders awaited the Fed’s next interest rate decision, which is scheduled for Wednesday at the end of the central bank’s final two-day policy meeting of 2024. The party begins on Tuesday.
Traders reportedly see a 95% chance of a 25 basis point rate cut on Wednesday CME Group’s FedWatch Tool. However, the meeting’s insights into future policy trends and Chairman Jerome Powell’s post-meeting press conference remain the main focus on Wall Street.
As the end of 2024 approaches, investors remain focused on the prospect of a year-end stock market rebound after another strong performance in stocks pushed all major indexes to new highs.
“The market does like to climb the wall of worry,” Sam Stovall, chief investment strategist at CFRA, said Monday on CNBC’s “Closing Bell: Overtime.” “Historically, a year after the S&P 500 is up, you want to The winner moves on.”
He points out that since 1990, the top three sectors in a given calendar year have tended to outperform the market in the following year by an average of about 300 basis points 75% of the time. But the potential for tariffs under President-elect Donald Trump’s new administration could become a cause for concern heading into 2025.
“If there’s one thing you’re worried about, it’s that tariffs are not just talk but truism and we’re actually going to put up trade barriers,” Stovall said. “If that were reality, I think it could be a very Big question.”
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