Global markets are experiencing a decline, primarily driven by a drop in banking stocks. The Dow Jones Industrial Average is enduring a nine-day losing streak, mirroring a similar pattern from 1978. While the Dow struggles, other indexes like the S&P and Nasdaq are near record highs, indicating that 'old-economy' stocks are performing poorly.
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe. Global markets are weighed down by a 1.4% decline in banking stocks. Europe's tech stocks, however, managed to defy the slump to add 0.61%.
A recent CNBC survey of 27 respondents, comprising economists, strategists and fund managers, showed that only 63% think it's the right move for the Fed.— in which Nissan owns 24%, making it the top shareholder — under the holding company eventually. Both Honda and Nissan neither confirmed nor denied the report.The Santa Rally is a phenomenon in which stock prices rise on the last five trading days of the year and the first two in January. Once the Fed meeting concludes today — and barring any unwelcome surprise — markets are poised to welcome Santa Claus and. In February 1978, the Bee Gees' song 'Stayin' Alive' was the top Billboard song of the month. It was also the anthem for the Dow Jones Industrial Average, which was struggling with nine straight days of losses. Almost fifty years ahead, the Dow is mired in a nine-day losing streak again. To take another cue from the Billboards chart, all investors want for Christmas is the Dow to stop bleeding red. UnitedHealth, which has contributed to more than half of the index's decline over the past eight sessions, noted CNBC's Yun Li. The health insurance company was rocked by a Outside the Dow, the stock market is still cheery. Despite the S&P and the Nasdaq also slipping in their last trading session, both indexes are hovering near their record closes. This suggests that it's mostly the Dow constituents — 'old-economy' stocks like industrials, financials and consumer discretionary — that are flailing. 'Wall Street is waking up to the fact that a Trump presidency might not be as great for stocks as some people hoped,' said David Russell, global head of market strategy at TradeStatio
GLOBAL MARKETS BANKING STOCKS DOW JONES SANTA RALLY TRUMP PRESIDENCY
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Global Markets Dip as Dow Jones Faces Nine-Day Losing StreakGlobal markets experience a dip, led by a decline in banking stocks. The Dow Jones Industrial Average suffers a nine-day losing streak, mirroring a similar downturn in 1978. While the S&P and Nasdaq remain near record highs, the Dow's struggles highlight potential concerns within traditional industries.
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