U.S. stock market = Nasdaq hits record high, Dow falls for 8th day in a row, ahead of FOMC.

December 17, 2024, 6:47 AM GMT+9 (excerpt).

In the US stock market, the Nasdaq Composite hit a record high, and the S&P 500 also rose to close trading. On the other hand, the Dow Industrial Index fell for the eighth consecutive business day, marking the longest decline since June 2018.
The market is closely watching the latest economic indicators and trying to determine the direction of interest rates at the last Federal Open Market Committee (FOMC) meeting of the year to be held later this week.
According to CME's FedWatch, the market has almost fully priced in a 25 basis point rate cut at the FOMC meeting on the 17th and 18th, with a 95.4% probability.
Sam Stovall, Chief Investment Strategist at CFRA Research, noted, "There may have been a slight oversell last week. With the Federal Reserve likely to announce a rate cut on the 18th, the only remaining question is what guidance will be provided."
"There is a high chance of a hawkish rate cut, with the Fed expected to lower interest rates while showing a data-dependent stance, leading to fewer rate cuts next year than anticipated," he said.