MARKET WRAP

The Dow Jones Industrial Average posted its first nine-day losing streak since the 1970s. CNBC notes that this decline began shortly after the Dow reached a historic high of 45,000 points and is primarily driven by a rotation out of old-economy stocks into technology stocks, which are underrepresented in the Dow. The S&P 500 and Nasdaq were also lower in the session. The upcoming Federal Reserve interest rate decision is causing concern among investors, with a 95% chance of a quarter-point cut priced in, but fears of potential market bubbles or increased inflation linger. Adding to the uncertainty, November's retail sales figures exceeded expectations, raising questions about the necessity of the Fed's potential action.

MRKT MATRIX: December 17, 2024

Today’s Top Stories:

• Dow posts first 9-day slide since 1978 (CNBC)

• Why This Frothy Market Has Me Scared (WSJ)

• Why the Dow is in such a historic funk and how concerned you should be (CNBC)

• Stocks are not in a bubble, investors should keep buying, Wells Fargo says (CNBC)

• Broadcom’s ‘Nvidia Moment’ Has Arrived. Now It Needs to Deliver (Bloomberg)

• Pfizer forecasts 2025 profit in line with expectations as it seeks turnaround (CNBC)

• US Retail Sales Strengthen on Jump in Motor Vehicle Purchases (Bloomberg)

• T. Rowe Raises Prospect of 6% Treasury Yields on Fiscal Risk (Bloomberg)

• China Plans Around 5% Growth Goal, Higher Deficit, Reuters Says (Bloomberg)

• China wants to dominate in AI - and some of its models are already beating their U.S. rivals (CNBC)

Today’s MRKT Call is Presented by Robinhood

The Market’s $20 Trillion Tech Titans: How to Trade $TSLA

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