US stocks decline, Dow Jones records longest losing streak since 1978

US stock indices fell at the close of trading on Tuesday, as investors awaited the Federal Reserve’s interest rate decision scheduled for Wednesday, with widespread expectations of a 25 basis points cut.

At the end of trading, Dow Jones fell 0.6%, or 267 points, at 43,449 points, to record the index losses for the ninth session in a row, the longest series since 1978.

The S&P 500 also decreased by 0.4%, or 23 points, to 6,050 points, while the Nasdaq composite lost 0.3%, or 64 points, at 20,109 points.

Looking at the European markets, the STOXX Europe 600 index decreased by 0.4% to 513.66 points, due to a 1.4% drop in the banking sector.

The British FTSE index followed the trend, sliding by 0.8% to 8,195 points and the German DAX inched down by 0.35% to 20,246 points. On the other hand, the French CAC rose 0.1% to 7,365 points.

In Japan, the Nikkei index went down by 0.25% to 39,364 points, and the broader TOPIX fell by 0.35% to 2,728 points.

In the oil market, futures prices for standard Brent crude for February 2025 delivery fell by 1%, or 72 cents, to close at $73.19 per barrel, the lowest level since December 10.

The prices of US Nymex crude futures for January 2025 delivery also declined by 0.9%, or 63 cents, at $70.08 a barrel.

Gold futures prices for February 2025 delivery fell by 0.3%, or $7.6, to close at $2,662 per ounce.

All eyes are on the Fed’s decision on borrowing costs on Wednesday, with special focus on Jerome Powell’s speech and the quarterly expectations report, to search for more signals about the future of economics and politics.