The US stock market trims some of its recent gains. The Dow Jones Industrial Average posted its longest losing streak since 2018 on Monday, and it fell again on Tuesday. Meanwhile, Nvidia has already lost more than 10% in the last month and weighs down the market.
Wall Street stock indexes trim some of their impressive gains for the year. The S&P 500 fell 0.5%, although it remains close to its all-time high reached earlier this month.
Meanwhile, the Dow Jones Industrial Average lost 0.5%%, and the Nasdaq Composite fell 0.4% from its record set on Monday. Nvidia, the star stock of the American market, is one of the main reasons for Wall Street’s repeated record this year, but in recent days it has not fallen. It happens that the chip manufacturer’s stock has dropped almost 6% in the last week and more than 10% in the last month.
What Wall Street analyzes
Treasury yields held relatively steady following a report that retail sales grew more last month than economists expected.
On the other hand, stock indices opened lower, with the Federal Reserve about to begin its meeting to set interest rates. Investors are mostly expecting a quarter-point cut in interest rates. The big question is whether the economy’s resilience will lead the Fed to be more cautious about future easing. Data on Tuesday showed retail sales rose 0.7% in November, faster-than-expected growth compared to the previous month.
wall street markets
Reuters
The prospect of rates staying high for longer has begun to weigh on some parts of the stock market. As tech stocks continue to rise, smaller companies and others that are highly sensitive to the economic outlook have been under pressure. The Dow industrials posted their longest losing streak since 2018 on Monday.
Source: Ambito
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