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The chances for a Santa Claus rally on Wall Street this year appear bleak as the U.S. stock markets were taking a beating on Tuesday.
The Dow Jones Industrial Average appeared ready to close down for the 9th straight day. That would be the longest losing streak since 1978.
The Dow closed above 45,000 for the first time on Dec. 4. It has dropped every day since then and has shed 1,500 points.
Despite the heavy losses this month, the Dow is still up 15% for the year.
The broader S&P 500 index is down from its record high it hit on Dec. 6 but it is still doing better than the Dow.
The tech-heavy NASDAQ Composite was also lower on Tuesday but is just off its record high it reached on Monday.
The sell-off comes as the Federal Reserve is meeting to determine the future of possible interest rate cuts.
Chairman Jerome Powell is expected to announce a rate cut on Wednesday. The cut was signalled after September’s hearing but the fate of future cuts appears to be in jeopardy due to stubborn inflation and strong jobs numbers.
There are concerns that President-Elect Donald Trump’s tariff plan could have a negative effect on the economy and earnings in the new year.
