The market ended down Wednesday, after rising into the afternoon.
Both the Dow Jones Industrial Average and the S&P 500 ended solidly in the red for the day, after Federal Reserve Chairman Jerome Powell said there will likely be two rate hikes in 2019, disappointing stock investors who had expected one.
Real Money contributor Stephen Guilfoyle thinks the Fed needs to change its course a little bit. Meanwhile, investors are wondering how much further stocks have to move down. John Toohey, head of equities at USAA said, "I think you need multiples to start dipping below historical averages."
"If you take into account today, there's probably another 10% from here," that the market can fall, he added.
Meanwhile, Micron Technology Inc. (MU - Get Report) fell more than 7% after worse-than-expected guidance on its December 18 earnings call. RealMoney's Kevin Curran was all over that stock. Now, Wall Street is downgrading the stock.