Stock market today: Dow, S&P, Nasdaq slide as Fed cuts rates, signals 2 more reductions in 2025

All three major averages moved off their highs of the day following the decision.

Dow Jones Industrial Average was down 0.4% , heading for its 10th straight day of losses.

Ten officials estimated two interest rate cuts next year , fewer than four seen in September .

Officials marked up their projections for core inflation and economic growth next year while lowering their forecast for the unemployment rate in 2025 .

Investors widely expect the Federal Reserve to cut interest rates Wednesday by a quarter percentage point, the third and final reduction of 2024 .

The Dow has fallen for nine straight trading days , its largest stretch of consecutive declines since 1978 .

Stocks are marginally higher on Wednesday , but this is no different than the largely "rangebound" price action seen since the November jobs report.

November 's decline was driven by a 24% decrease in multifamily projects.

Builders have been increasing housing construction over the past year as the existing home market lacked supply.

Inventory of new homes for sale has hit a 17-year high.