Wall Street Sees Historic Drop Amid Fed Rate Cut Signals

Wall Street experienced a significant decline as the Dow fell over 1,100 points following a Federal Reserve rate cut, marking its tenth consecutive daily loss. The Fed signaled a slower pace for future rate cuts, impacting global markets and causing fluctuations in currencies, cryptocurrencies, and commodities.

Wall Street took a historic plunge on Wednesday, as the Dow Jones Industrial Average tumbled over 1,100 points following the U.S. Federal Reserve's rate cut announcement. The Fed signaled a slowdown in future rate cuts, causing market unrest and marking the Dow's longest losing streak since 1974.

The global market reaction was swift, with benchmark Treasury yields rising and the dollar strengthening against other currencies. Fed Chair Jerome Powell reassured that the economy remains strong, but the news saw major indices like the Nasdaq and S&P 500 logging their largest one-day drops in months.

Commodities also felt the impact as gold prices fell and oil slightly rose. Meanwhile, cryptocurrencies were hit hard, with Bitcoin losing over 5% as investors assessed the Fed's stance and its implications. The market remains tense, awaiting more clarity on the monetary policy outlook.

(With inputs from agencies.)