The Dow Jones Industrial Average The index sank deeper into the history books on Wednesday as the history-making index was on track for its 10th straight day of losses due to a disappointing interest rate outlook from the Federal Reserve.

The Dow lost 624 points, or 1.4%, on pace for its worst losing streak since an 11-day decline in 1974. The 30-stock average snapped a nine-day losing streak on Tuesday, its longest since 1978. The S&P 500 lost 1.5% and the Nasdaq Composite Lost 1.9%.

As expected, the central bank cut its overnight interest rate by 25 basis points to a target range of 4.25% to 4.5%. However, the Fed indicated that it would cut interest rates only twice in 2025, according to its closely watched “dot plot,” fewer than the four cuts outlined in its last forecast. Fed Chairman Jerome Powell said the central bank’s move to cut interest rates in recent months allowed it to be “more cautious as we consider further adjustments to our benchmark interest rate.”

According to Fed fund futures trading via the CME FedWatch tool, the probability of a rate cut at the Fed’s next meeting in January has fallen to just 11%. Before Wednesday, traders were hoping the Fed would aggressively continue its rate cuts in 2025, further fueling the bull market. Treasury yields jumped on the Fed’s cautious outlook, putting pressure on stock prices.

“Goodbye punch. No Christmas greeting from the Fed. Policymakers expect higher inflation and lower unemployment in 2024. Given this outlook, there is simply no reason to be dovish,” said David Russell, global head of market strategy at TradeStation. “The simple repeal has now been completed because the tariffs are no longer clearly restrictive. It’s a logical time to pause.”

Most stocks fell after the Fed decision. Nvidia, which fell into correction territory earlier this week, was a rare exception, recovering about 1%.

The Dow’s losing streak began the session after it closed above 45,000 for the first time ever on December 4th. The Dow’s total losses during this unsuccessful streak were small, at about 4%.

The Dow’s worst meltdown in decades was caused largely by a rotation away from old-economy stocks and toward technology stocks, a sector that centenarians have been underweight relative to broader market metrics. Despite the strike, the Dow is about 4% away from its all-time high. Other market metrics are holding up well this month: The S&P 500 is almost flat in December and is less than 1.5% from an all-time high. The Nasdaq is up 4% this month as investors flocked to technology stocks while avoiding the Dow.