Stock market today: Dow, S&P 500, Nasdaq clobbered as Fed, Powell signal fewer rate cuts in 2025

The Dow Jones Industrial Average (^DJI) was down about 2.6% , or over 1,000 points, clinching its 10th straight down session, the longest losing streak since 1974 .

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

The 10-year Treasury yield (^TNX) rose nearly 11 basis points following Powell 's press conference to hover just under 4.5% as rate-sensitive areas of the market sold off throughout the afternoon .

The Federal Reserve lowered interest rates on Wednesday by 25 basis points to a range of 4.25%-4.5% at its final meeting of the year .

The central bank also released updated economic forecasts in its Summary of Economic Projections ( SEP ), including its "dot plot," which maps out policymakers' expectations for where interest rates could be headed in the future.

Powell : As long as economy and labor market remain "solid," "we can be cautious as we consider further cuts".

All three major averages are up 0.3% or less ahead of the Federal Reserve's next interest rate decision.

The 10-year Treasury yield (^TNX) is roughly flat, holding steady near 4.39% As part of the Fed 's SEP , officials marked up their projections for inflation and economic growth next year while lowering their forecast for the unemployment rate in 2025 .