Pre-Market Report – Thursday 19 December: Powell cuts but turns hawkish | Dow falls over 1000

The Dow Jones Industrial Average fell hard with the index posting its 10th straight losing day as a disappointing rate outlook by the Federal Reserve rocked the stock market.The Dow lost 1,123.03 points, or 2.58%, to 42,326.87, for its worst losing streak since an 11-day slide in 1974. The Wednesday decline was its worst since August and only the second time it lost 1,000 points this year in one session. The S&P 500 lost 2.95% to 5,872.16 and the Nasdaq Composite shed 3.56% to 19,392.69 with losses intensifying into the close of trading.Stocks tumble after Fed cuts rates, signals slower cut pace.Fed dials back rate cut expectations for 2025, market now pricing in two 25bp cuts.ASX to drop, $A plunges as Fed signals rate pause near – AFR.Treasuries slide and US dollar jumps to highest since 2022 on more hawkish than expected Fed SEP.BOJ meets for final rate review this year as Trump risk clouds outlook.US EPA approves California plan to ban sale of gas-only cars starting in 2035.ASX SPI down 123 - Gold falls 2% - Bitcoin drops.Oil settles up after US crude stocks fall, Fed's 2025 outlook curbs gains.Gold hits one-month low after Fed signals slower easing pace in 2025.Copper edges up after hitting two-week low.Iron ore slips as supply worries ease, demand slows.Barrick Gold seeks arbitration over Mali gold mine dispute.US crude stocks fell last week as exports jumped, EIA says.Despite revamped proposals, Nippon Steel deal on track to be blocked, letter says.Why not sign up for a free trial? Get access to expert market insights and manage your investments with confidence. Ready to invest in yourself? Join the Marcus Today community.