The Dow is in danger of doing something it hasn’t done in more than 50 years

The last time the Dow fell for 10 days in a row, Gerald Ford was president. But the Dow on Wednesday is in danger of matching that dubious 50-year milestone.

The last time the Dow fell for 10 days in a row, Gerald Ford was president. But the Dow on Wednesday is in danger of matching that dubious 50-year milestone. The Dow fell about 550 points, or 1.3%, after the Federal Reserve indicated in a policy statement that it is forecasting just two interest rate cuts in 2025, not the previously projected four. The Fed now anticipates inflation will remain stubbornly above its target range for longer than it had initially expected. Just 11% of investors expect the Fed to cut rates at its January meeting, according to FactSet data. The blue-chip Dow Jones Industrial Average has fallen for nine days in a row, the first time it had a losing streak that long since February 1978, when Jimmy Carter was president. Strangely, the Dow has fallen as the broader markets have remained strong. The Dow has lost just 4.6% in its long losing streak, a relative blip. Other indexes have been at or near record highs, but fell sharply Wednesday. The S&P 500 fell 1.6% and the Nasdaq Composite index fell 2.1%. UnitedHealth Group’s 15% decline this month has dragged the Dow, in particuar, lower. The insurance giant’s selloff began after the fatal shooting of UnitedHealthcare CEO Brian Thompson. Ironically, UnitedHealth was about 3.4% higher Wednesday. Nvidia, the US chipmaker that joined the Dow in November, has also dragged the 30-stock index lower. While Nvidia’s stock is up over 180% this year, it has fallen in the past month, down about 5% and contributing to the Dow’s decline.