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Stock market today: Wall Street dips to send S&P 500 to its longest losing streak since January

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Sinking technology stocks sent Wall Street lower again, and the S&P 500 fell to its fourth straight loss

Sinking technology stocks sent Wall Street lower again on Wednesday, and the Standard & Poor's 500 index fell to its fourth straight loss. The index dipped 29.20 points, or 0.6%, to 5,022.21 for its longest losing streak since early January. It's down 4.4% since setting a record late last month. The Dow Jones industrial average slipped 45.66 points, or 0.1%, to 37,753.31, and the Nasdaq composite sank 181.88, or 1.1%, to 15,683.37.

High interest rates hurt prices for investments and increase the risk of a recession, but Fed officials are concerned after a string of reports this year has shown inflation remaining hotter than forecast. Traders are now mostly expecting just one or two cuts to interest rates from the Federal Reserve this year, according to data from CME Group. That’s down from forecasts for six or more at the start of the year.

 

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