Wall Street stumbles again for a 3rd straight loss

Market Performance - U.S. stocks experienced a decline for the third consecutive day, with the S&P 500 falling 0.5%, marking its longest losing streak in over a month [1] - The Dow Jones Industrial Average decreased by 173 points, or 0.4%, while the Nasdaq composite also dropped 0.5% [1] Economic Indicators - Reports indicate that the U.S. economy may be stronger than previously anticipated, which could reduce the likelihood of the Federal Reserve cutting interest rates multiple times in the near future [2] - A stronger economy could diminish the urgency for the Fed to implement rate cuts, especially given the risk of exacerbating already high inflation [4] Federal Reserve Actions - The Federal Reserve recently executed its first rate cut of the year, with expectations for additional cuts through the end of next year, which had been a significant factor in driving U.S. stock prices to record levels since April [3] - The market's optimism hinges on the U.S. economy maintaining a balance that is slow enough to justify rate cuts but not so weak as to trigger a recession [5] Treasury Yields - Treasury yields increased as traders adjusted their expectations regarding the number of forthcoming rate cuts by the Fed, with the yield on the 10-year Treasury rising to 4.17% from 4.16% [6] Employment Data - A report indicated that fewer U.S. workers filed for unemployment benefits last week, suggesting a potential slowdown in layoffs [6] - Additional reports revealed that the U.S. economy grew at a faster pace during the spring than previously thought, and orders for U.S. manufactured goods exceeded economists' expectations [7]