Dow Jones Industrial Average futures increased 124 points, or 0.29%, to 42,905

The S&P 500 fell 2.9%, just shy of its biggest loss for the year, to pull further from its all-time high set a couple weeks ago. The Dow Jones Industrial Average lost 1,123 points, or 2.6%, and the Nasdaq composite dropped 3.6%.

The Dow hit a 10th straight day of losses, its worst streak since 1974, as stocks plummeted amid the outlook for fewer rate cuts in 2025.

The Cboe Volatility Index, which trades under the ticker symbol VIX, was down 4% at slightly more than 15, according to FactSet data, at last check. The VIX was trading slightly below its 200-day moving average, based on FactSet data around midday Wednesday.

Officials penciled in fewer cuts than expected, sending major indexes lower.

The stock market plunged on Wednesday after the Federal Reserve scaled back its expectations for interest rate cuts next year. The Dow Jones Industrial Average fell about 1,100 points, or 2.5%, the largest drop for the index since August.

Fed now predicts fewer interest rate cuts in 2025. But the Fed also forecast a markedly slower pace of rate cuts next year, partly in response to resurgent inflation. Analysts now

Stocks were decimated Wednesday with the three major indexes ending broadly lower after the U.S. Federal Reserve indicated it won't cut rates as aggressively next year as markets had expected. The Fed cut rates today by 25 basis points at its regular meeting,

The Dow Jones Industrial Average and other indices declined sharply after the Federal Open Market Committee announced a quarter percentage point reduction in interest rates on Wednesday afternoon and just two more interest rate cuts in 2025.