Dow futures fall 200 points as index poised for first 9-day losing streak since the ’70s: Live updates

The Dow Jones Industrial Average was threatening to enter the history books on Tuesday with its first 9-day losing streak since the 1970s.

Futures tied to the Dow fell 225 points, or 0.5%, a day after posting its 8th straight loss, a losing streak that goes back to 2018. If the Dow does decline Tuesday, it’s the first 9-day losing stretch since 1978. S&P 500 futures edged 0.3% lower, while Nasdaq-100 futures ticked down 0.2%.

The Dow’s losing streak began the day after it closed above 45,000 for the first time ever earlier in the month.

The Dow anomaly comes at a time when the broader market is doing OK. The S&P 500 hit a new high on Dec. 6 and sits less than 1% from that high. The Nasdaq Composite hit a record on Monday.

Driving the losses in the Dow has been a rotation into technology stocks and a rotation out of some of the more old economy stocks that gained in November following the election of Donald Trump. Those stocks dominate the Dow, rather than tech.

What’s strange however is that Nvidia, a new tech member of the Dow that joined last month, has also struggled despite the tech sector’s recent gains, slipping into correction territory Monday. Nvidia was lower again in premarket trading.

Meanwhile Broadcom has been surging to new highs, with investors finding a new chip stock to love. And Alphabet, Apple and Tesla also hit new records on Monday. Tesla was higher in premarket trading Tuesday, though Broadcom was backing off a bit.

Some of the concern driving some profit-taking in the non-technology stocks centers around the upcoming Federal Reserve interest-rate decision on Wednesday. Traders are pricing in a 97% chance of a quarter-point cut, according to CME Group’s Fed Watch tool, however there’s concern among investors and economists that the central bank could be making a mistake and risking a stock market bubble or sparking more inflation.

November’s retail sales figure out Tuesday came in better than economists expected, adding to concern that the Fed may be taking unnecessary action.