Stocks eyed a rebound Wednesday, with the blue-chip Dow looking to snap its longest losing streak since 1978. The Federal Reserve will take focus later with its latest interest rate decision.
Futures tied to the S&P 500 (ES=F) were up 0.3%, while those on the tech-heavy Nasdaq (NQ=F) rose 0.2%. Dow Jones Industrial Average futures (YM=F) were also up 0.3%, as the index tried to have its first session in the green in 10 tries.
The Dow’s losing streak is its longest in nearly a half-century, spoiling the mood of what has been a near-universal rip-roaring rally in 2024. As Yahoo Finance’s Josh Schafer details, the blue-chip index has been left behind in a tech-focused bump lately.
Healthcare stocks have been at the forefront of the decline, with UnitedHealth Group (UNH) down nearly 20% in the two weeks since the murder of CEO Brian Thompson. Meanwhile, one of the tech-focused stocks that is part of the Dow — AI giant Nvidia (NVDA) — has been in the midst of an over 10% slump from its record in November. Nvidia was up almost 3% premarket Wednesday.
Meanwhile, the Fed will take center stage later Wednesday with its last interest rate decision before the end of the year — and before President-elect Donald Trump takes office.
The central bank is widely expected to cut rates for a third consecutive meeting. Instead, the Fed’s forecast for 2025 will likely take the focus, as it could be on the verge of ripping up its script for next year.
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