TheDrop Market Analysis, 12/17/24

Stocks fell all across the board after leaks of a smaller rate cut than expected.

The Dow made its longest losing streak today since 1976, falling by 0.61%. The Nasdaq and S&P both fell by smaller margins, 0.3% and 0.4%, respectively. A recent Fed gathering announced a quick 0.25% rate cut, meaning that while a cut is coming, another one will not likely occur over the next month or so. This set stocks plummeting today, as many investors anticipated rate cuts separated by just a few weeks. Additionally, rising inflation rates made investors concerned that another rate cut won't occur for some time.

Nvidia fell for the second day in a row, spelling harm for the chipmaker. Google and Intel, two companies which were among the top gainers of the day yesterday, fell by considerable margins, highlighting shifting sentiments.

Meanwhile, Apple rose, fueled by its AI innovation strategy with Broadcom, and its sales of the latest iPhone 16 models during the Christmas holiday. Tesla made all-time highs today, continuing its winning streak from yesterday, as its price target rises. Microsoft and Tencent both rose amid massive selling pressure.

Pfizer rose nearly 5% after its 2025 outlook looked promising for the vaccine and pharmaceutical company.