US Stocks Plunge After Fed Signals Fewer Rate Cuts

Specialist Meric Greenbaum works on the floor of the New York Stock Exchange as the rate decision of the Federal Reserve is announced, Wednesday, Dec. 18, 2024.NEW YORK — U.S. stocks sank to their second-worst loss of the year after the Federal Reserve signaled that it may deliver fewer interest rates cuts in 2025 than earlier thought. The S&P 500 dropped 2.9% Wednesday to pull further from its all-time high set a couple weeks ago.

“We are in a new phase of the process,” Fed Chair Jerome Powell said after the central bank quickly eased its main interest rate by a full percentage point to a range of 4.25% to 4.50% since September. One official, Cleveland Fed President Beth Hammack, thought the central bank should not have even cut rates this time around. She was the lone vote against Wednesday’s rate cut.

Real-estate owners in the S&P 500 fell 3.6%, for example, for one of the largest losses among the 11 sectors that make up the index.

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