Stock market today: Wall Street sinks after Fed signals fewer rate cuts next year. Dow drops 1,100
U.S. stocks sank to their second-worst loss of the year after the Federal Reserve signaled that it may deliver fewer interest rates cuts in 2025 than earlier thought
NEW YORK (AP) — U.S. stocks sank to their second-worst loss of the year after the Federal Reserve signaled that it may deliver fewer interest rates cuts in 2025 than earlier thought. The S&P 500 dropped 2.9% Wednesday to pull further from its all-time high set a couple weeks ago. The Dow Jones Industrial Average sank more than 1,100 points, and the Nasdaq composite dropped 3.6%. Fed officials released projections showing they’re penciling in just two cuts to interest rates next year, instead of the four they were projecting a few months ago. Treasury yields ramped higher to add pressure on the stock market.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
NEW YORK (AP) — U.S. stocks are tumbling toward their worst day in four months after the Federal Reserve hinted Wednesday it may deliver fewer of the cuts to interest rates that Wall Street loves than earlier thought.
The S&P 500 dropped 2.6% to pull further from its all-time high set a couple weeks ago. The Dow Jones Industrial Average sank 961 points, or 2.2%, with less than half an hour remaining in trading, and the Nasdaq composite dropped 3.5%.
