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The Dow Eked Out a Gain, Ending Its Longest Losing Streak Since 1974
The Dow Jones Industrial Average eked out a 15-point gain, or 0.04%, on Thursday, snapping its longest losing streak since 1974. The S&P 500 and Nasdaq Composite, however, fell 0.1% and 0.1%, respectively.
The gain came despite the post-Federal Reserve rebound running out of steam. The US economy grew faster than previously estimated in the third quarter, driven by robust consumer spending, according to data released earlier in the day. Gross domestic product increased at an upwardly revised 3.1% annualized rate, higher than the previously reported 2.8% pace.
The strong growth data played into the idea that the Federal Reserve will be slow to cut interest rates further next year. The central bank cut interest rates by 25 basis points on Wednesday, with policymakers indicating that they see only two more 25 bps rate cuts next year, compared with a prior forecast of four cuts.
The prospect of interest rates remaining higher for longer sent Wall Street indexes sharply lower on Wednesday, with heavy losses in the technology sector. The DJIA slumped over 1,000 points, or 2.6%, its 10th consecutive lower session, marking its longest losing streak since 1974.
Micron Technology shares plunged 16% after the company issued weaker-than-expected second-quarter guidance, dragging the broader chip sector lower. However, the broader tech sector continued to gain, led by NVIDIA Corporation, as investors remain confident in the AI-led rally.
Other stocks that performed well included Darden Restaurants, which rose 14% after posting fiscal second-quarter results ahead of expectations, and CarMax, which gained 3% following strong earnings and revenue guidance. Lamb Weston Holdings, however, fell 20% after replacing its CEO and cutting its 2025 earnings outlook.
