Stock market today: Dow logs longest losing streak since 1978 as stocks slide ahead of Fed decision

The continued downtrend in US stocks, particularly with the Dow's record losing streak and cautious investor sentiment, suggests a negative outlook. Nvidia's falling share price amid concerns of reduced AI spending further complicates the market's recovery efforts. However, certain stocks like those from the Magnificent Seven may offer defensive opportunities amid the broader declines.

Given the recent performance, it's reasonable to expect Nvidia's struggles to continue in the short term due to increasing competition and fears of an AI spending slowdown. Significant challenges ahead could lead to further declines in its stock price.

The overall atmosphere around major stocks suggests that while there are periods of positivity driven by the Magnificent Seven, the general bearish sentiment around the broader market could lead to corrections in prices. The upcoming Fed meeting may pivot market direction in the near term.