The stock market experienced a sharp decline on Wednesday, triggered by the Federal Reserve’s revised outlook for interest rate cuts in 2024. The Dow Jones Industrial Average dropped 1,100 points. This marked its largest drop since August, its tenth consecutive day of losses, and the longest streak since 1974. The S&P 500 fell nearly 3%, while the Nasdaq plunged 3.5%. The Fed cut interest rates but reduced its forecast for future cuts. Fed Chair Jerome Powell indicated that a slower pace of rate cuts was influenced by inflation concerns and policy uncertainty under Trump.
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00:00It's Benzinga, bringing Wall Street to Main Street.
00:02The stock market experienced a sharp decline on Wednesday, triggered by the Federal Reserve's
00:05revised outlook for interest rate cuts in 2024. The Dow Jones Industrial Average dropped 1,100
00:11points. This marked its largest drop since August and its 10th consecutive day of losses
00:16and the longest losing streak since 1974. The S&P 500 fell nearly 3 percent, while the Nasdaq
00:22plunged 3.5 percent. The Fed cut interest rates but reduced its forecast for future cuts.
00:28Fed Chair Jerome Powell indicated that a slower pace of rate cuts was influenced by inflation
00:33concerns and policy uncertainty under Trump. For all things money, visit Benzinga.com slash GSTV.