Stock market today: Dow ekes out gain, snapping longest losing streak in 50 years
Published On Dec 19, 2024, 4:06 PM
US stocks experienced minimal changes after a significant sell-off, largely due to a hawkish outlook from the Federal Reserve regarding future interest rate cuts. The Dow Jones Industrial Average ended a lengthy losing streak, while the S&P 500 and Nasdaq Composite saw slight decreases. The Fed's recent actions and comments suggested fewer rate cuts next year, creating uncertainty among investors. Economic data showed stronger than expected GDP growth for Q3 and a decrease in weekly unemployment claims. Overall, markets are adjusting to a potentially prolonged period of higher interest rates as they brace for upcoming inflation data reports.
Stock Forecasts
XLF
Positive
The Financials sector was one of the few to gain traction amidst broader market weakness, and could benefit from the Fed's interest rate policies if rates remain higher for longer, increasing net interest margins for banks.
MU
Negative
Micron's stock drop suggests continued struggles within the semiconductor sector despite demand for AI-related products, indicating potential challenges ahead that could lead to further declines.
Related News
Stock market today: Dow looks to snap longest losing skid in 50 years as stocks rebound after Fed-fueled rout
Dec 19, 2024, 3:00 PM
Stocks are looking to bounce back from their worst day since the summer.
Micron stock plummets as weak outlook overshadows AI opportunity
Dec 19, 2024, 10:35 AM
Micron's AI opportunity wasn't enough to offset investor concern over its weak outlook for the current quarter.
Stock market today: Dow, S&P 500, Nasdaq bounce back from Fed-fueled rout
Dec 19, 2024, 9:37 AM
Stocks are looking to bounce back from their worst day since the summer.