Dow's Historic Decline Amid Mixed Market Signals: All Eyes on Powell [Updated with Lean]

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The Dow closed down for the ninth straight session, marking its longest downward streak since 1978—a 47-year record. I warned that the middle of December could get rough, but despite this, the ES is still up 0.40%, and the NQ has gained a whopping 5%. While I’ve read comments suggesting not to worry about the Dow’s weakness, any streak lasting 47 years is certainly significant.

Yesterday, retail sales rose by 0.7% in November, while industrial production declined again last month. But again, the Dow remained the weakest performer among the indices. Adding to the challenges, the yield on the 10-year note ended at 4.384%, down slightly from 4.397% on Monday.