Major stock indices plunged Wednesday after the Federal Reserve signaled a slower pace of interest rate cuts for 2025 than previously forecast, renewing concerns about how fast inflation would fall.
The S&P 500 lost 2.4% and the Nasdaq Composite shed nearly 3%, with losses intensifying as markets closed for the day.
The Dow Jones Industrial Average tumbled more than 1,100 points for its biggest loss since August. The Dow’s 10th-consecutive day of decline is now closer to becoming the worst losing streak in 50 years. Though eye-popping, the streak largely reflects a rotation by investors out of more established companies into tech stocks, to which the Dow tends to apply less weight.
