NEW YORK, Dec 17 - U.S. stocks retreated on Tuesday and the Dow dropped for a ninth straight session, as investors exercised caution ahead of the Federal Reserve's last policy announcement of the year after economic data indicated consumer spending remained solid.
Of particular attention will be the Fed's summary of economic projections and comments from Chair Jerome Powell, which may indicate how aggressive the U.S. central bank will be in cutting rates in 2025. "Everyone knows we're getting 25 bps ... what Powell is going to say at the press conference, what the SEP is going to tell us, those things people are not quite sure of so you have a little bit of jitters ahead of that."Traders work on the floor at the New York Stock Exchange in New York City, U.S., December 10, 2024.
Treasury yields oscillated between gains and losses on the day as investors braced for a"hawkish cut" from the Fed. Pfizer , jumped 4.7% after the drugmaker forecast 2025 profit roughly in line with Wall Street expectations.
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