S&P 500 sees longest losing streak in over a month
Wall Street's main indexes dropped for the third day in a row on Thursday, with the S&P 500 seeing its longest losing run in over a month.
The Dow lost another 170 points—now down 800 since Tuesday—and the Nasdaq slipped too, dragged by Oracle's 5% fall after an analyst warned that the benefits of its recent AI deals were being overestimated.
Investors are waiting for the upcoming inflation report
All eyes are on the upcoming inflation report (the PCE), which could shape whether interest rates stay high or come down.
If inflation stays sticky, borrowing and investing could get pricier.
Fed Chair Powell thinks stocks are too high
Even though recent data showed strong GDP growth and more people buying homes, stocks aren't catching a break.
Fed Chair Jerome Powell called current stock prices "fairly highly priced," and rising Treasury yields mean a rate cut next month is looking less likely.
Investors are feeling cautious as they wait to see what happens next.