"Dow's Record Win Streak Ends as Stocks Wipe Out Gains: Market Update"

Stocks erased early gains and closed sharply negative, with the Dow Jones Industrial Average ending its longest winning streak since 1987. The tech-heavy Nasdaq Composite slipped after an initial gain, while Meta's shares surged following better-than-expected earnings. The Federal Reserve's interest rate rise was widely expected, but the focus now shifts to when another increase will come. Some optimism is growing that there may be no more rate hikes this year. The US economy grew at a faster-than-expected pace in the second quarter, adding to signs that the threat of a recession has faded. Homebuyers faced inventory hurdles, but pending home sales rose slightly in June.