Wall Street Slumps To Rare 3-Day Losing Streak

U.S. stocks fell on Wednesday, as Wall Street's record-breaking rally continued to lose momentum, Stan Choe reported for the Associated Press (AP).

The Dow Jones Industrial Average fell by 409 points, or 1%, while the Nasdaq composite slumped 1.6%, dragged down by Nvidia and other Big Tech stocks.

The S&P 500 dropped 0.9%, marking its first three-day losing streak since early September. This follows two small losses earlier in the week, after the index reached an all-time high on Friday.

The recent decline comes after an impressive run where the S&P 500 posted six consecutive winning weeks, its longest streak of the year.

The Dow Jones Industrial Average fell by 409 points, or 1%, while the Nasdaq composite slumped 1.6%, dragged down by Nvidia and other Big Tech stocks, which were some of the market's biggest decliners.

The stock market’s momentum has reversed this week, largely due to increasing pressure from rising Treasury yields.

Higher yields tend to make investors less willing to pay premium prices for stocks, especially as many already appear overvalued after rising faster than corporate profits.

Jonathan Krinsky of BTIG noted that the shifts in the bond market, alongside the rally in the U.S. dollar against other currencies, have started to weigh more heavily on stock investors, Matt Ott and Zimo Zhong also reported for AP.