The Dow Jones Industrial Average experiences its longest losing streak since 1978 while markets anticipate a Fed rate cut. Meanwhile, Nissan and Honda explore a potential merger, and a government shutdown looms as funding runs out.
A big Fed decision is coming Wednesday. The Dow Jones Industrial Average notched its ninth straight day of losses on Tuesday. It's the index's longest losing streak since 1978 and notably comes at a time when the broader market is faring just fine. Though both lost some ground on Tuesday, both averages are up for the month, while the Dow is down more than 3%. CNBC explains and Wall Street is betting on another quarter-point haircut.
Futures market traders are pricing in expectations that the central bank will bring its benchmark borrowing rate down to a target range of 4.25% to 4.5%. Though the rate cut is widely expected, it's not nearly as welcome: A found that 93% of respondents anticipate a cut, but only 63% thought it would be the right thing to do. Congress is days away from a government shutdown. Funding runs up to Friday, at the same time government leaders are set to adjourn for the holidays. Congressional leaders on Tuesday Richard A. Brooks | Afp | Getty Images Makoto Uchida (L), president and CEO of Japanese auto maker Nissan, shakes hands with Toshihiro Mibe (R), director, president and representative executive officer of auto maker Honda, following a press conference in Tokyo on August 1, 2024.. The companies are preparing to enter negotiations that could result in the competitors coming together under a holding company. The combined operation (including Nissan-backed Mitsubishi, in time) would amount to 8 million vehicles sales annually, according to Nikkei, which first reported the merger talks. That sales volume would put the tie-up on par with some of the world's largest automakers but still shy of annual sales by Toyota Motor and Volkswagen. Luigi Mangione, 26, a suspect in the New York City killing of UnitedHealth executive Brian Thompson, is escorted after an extradition hearing at Blair County Court House in Hollidaysburg, Pennsylvania, U.S. December 10, 2024. Tuesday on charges of murdering the CEO of UnitedHealthcare, Brian Thompso
FED DOW JONES AUTO INDUSTRY GOVERNMENT SHUTDOWN MERGER
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