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US stocks fell across the board on Tuesday, with the Dow logging its biggest losing streak in 46 years.
The Dow Jones Industrial Average (^DJI) finished the session down roughly 0.6%, registering its ninth straight day of losses. The last 9-day losing streak for the Dow was Feb. 1978. Prior to that, the index suffered an 11-day losing streak in 1974 and another in 1971.
The other major indexes dropped in tandem on Tuesday, with the benchmark S&P 500 (^GSPC) falling around 0.4% and the Nasdaq Composite (^IXIC) losing about 0.3% after the tech-heavy index closed at a record high on Monday.
Fed policymakers kicked off their final gathering of the year earlier in the trading day, amid almost total conviction that a 0.25% rate cut is coming on Wednesday. Some on Wall Street suspect it could be the last cut for some time, as inflation proves persistent. Given that, the focus is on clues to the path of rates next year — and in January, in particular.
In the meantime, investors assessed a November reading on retail sales for insight into the health of the consumer and the economy. Sales rose 0.7%, faster than the 0.6% month-on-month gain expected, amid strong holiday spending.
Eyes are also on Nvidia (NVDA), down more than 10% from its November record close. The chip giant’s shares closed down over 1%.
Elsewhere, bitcoin (BTC-USD) prices extended their rally to briefly break above $108,000 a token. Prices retreated to just above $106,500 a coin.
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