According to Zhichun Finance APP, the Dow Jones Industrial Average (DJIA) set a record on Tuesday, marking its first consecutive nine-day decline since 1978, a rare market phenomenon now recorded in history. Meanwhile, large Technology Stocks supported the S&P 500 Index and Nasdaq Composite Index in December.

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During the past nine trading days, the Dow Jones Index fell by about 3%, over 1,500 points, from the historical highest closing point of 45,014 on December 4 to 43,499 points. Despite the unusual performance of the Dow Jones Index, both the S&P 500 Index and Nasdaq reached new highs in December.

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The decline of the Dow Jones Industrial Average is mainly due to funds shifting from some old economy stocks to Technology stocks. These old economy stocks rose after Donald Trump's re-election in November, dominating the Dow Jones Index, rather than Technology stocks. It is reported that among the 30 stocks in the Dow Jones Index, only four are members of the so-called "Seven Major Technology Stocks," namely Amazon (AMZN.US), Microsoft (MSFT.US), Apple (AAPL.US), and NVIDIA (NVDA.US).

This means that unlike the S&P 500 Index and the Nasdaq Composite Index, the Dow Jones Index did not benefit from the significant rise in Tesla (TSLA.US) and Google's (GOOGL.US) stocks. Specifically, Tesla's stock has risen over 37% in the past 10 days, while Google's stock price has also increased by 14% during the same period.

The sell-off of NVIDIA stocks also impacted the Dow Jones Index, with share prices falling nearly 12% since its inclusion in the index on November 8. Additionally, Wall Street is beginning to realize that the positive effects of President Trump's election on the stock market may not be as significant as expected. The Financial and Industrial Sectors saw substantial increases due to Trump's victory, but now they may face higher interest rates and uncertainties in trade policies. At the same time, Medical Care stocks have also encountered one of the most severe political risks in recent years.

The upcoming interest rate decision from the Federal Reserve is also prompting profit-taking in non-Technology stocks. Traders expect a 95% chance of the Fed cutting rates by a quarter point, but investors and economists are concerned that the central bank might make mistakes, leading to stock market bubbles or more inflation. Jeff Kilburg, CEO of KKM Financial, pointed out that the performance hunters for the seven major Technology giants in the U.S. stock market are sidelining other stocks in the S&P 500 Index, while the Dow Jones Index is becoming marginalized.

Furthermore, the retail sales data in November was better than expected, intensifying concerns about the Fed possibly taking unnecessary actions.

In addition, Jeremy Schwartz, WisdomTree's Global Chief Investment Officer, stated that this is a battle between technology leadership and everything else, between value and growth. The sell-off in Medical Care stocks also dragged down the Dow Jones Index, especially as UnitedHealth's stock price fell by about 20% after its CEO was murdered. Other Medical Care stocks also lagged behind, with Johnson & Johnson (JNJ.US) and Amgen (AMGN.US) both declining over 4% in the past 10 trading days.

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Despite the decline of the Dow Jones Industrial Average, this is not surprising given the overall rise in the stock market this year. Schwartz stated that despite the pullback, they remain optimistic about next year, believing that Stocks are still the preferred choice in the market, while Bonds are not.