Stock market today: Dow, S&P 500, Nasdaq slide as traders trim rate-cut bets
11/15/2024 21:50
Wall Street is absorbing a jump in retail sales and Jerome Powell's hawkish comments as Trump-fueled optimism starts to wear off.
US stocks fell on Friday, on track for weekly losses as investors absorbed Chair Jerome Powell's signal that the Federal Reserve won't hurry to make interest-rate cuts.
The S&P 500 (^GSPC) dropped over 0.6%, while the Dow Jones Industrial Average (^DJI) slid roughly 0.4%. The tech-heavy Nasdaq Composite (^IXIC) led declines, falling 0.9%.
Powell's hawkish comments are casting a pall on markets as the initial optimism for President-elect Donald Trump's policies starts to wear off. The S&P has already reversed one-third of its post-election rally, and the Nasdaq is poised for a weekly loss of around 1%.
Retail sales data released on Friday morning showed a 0.4% rise in October, versus 0.3% expected. The month-on-month reading included a revision higher for September's retail sales, to 0.8% from 0.4%. The report, the last before the holiday shopping season, reflected continued resilience in the American consumer.
Wall Street is back to puzzling over the Fed's path next year, a question already muddied by this week's inflation prints. As of early Friday, traders are pricing in 55% odds of a rate cut at its December policy meeting, compared with 72% the day before, per CME FedWatch tool. Bets on a January easing stand at 69%, versus the previous 81%.
Read more: What the Fed rate cut means for bank accounts, CDs, loans, and credit cards
At the same time, investors kept a watchful eye on Trump's preparations for power, after vaccine stocks fell amid reports Robert F. Kennedy Jr will be named top health official. JPMorgan Chase (JPM) CEO Jamie Dimon made it clear Thursday he won’t be joining the new president's team.
Meanwhile, shares of Domino's Pizza (DPZ) and Pool Corp. (POOL) popped during morning trading after filings showed Warren Buffett's Berkshire Hathaway bought the stocks.
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Stocks on track for weekly losses as Fed signals hawkish stance
US stocks fell on Friday, on track for weekly losses as investors absorbed Chair Jerome Powell's signal that the Federal Reserve won't hurry to make interest-rate cuts.
The S&P 500 (^GSPC) dropped over 0.6%, while the Dow Jones Industrial Average (^DJI) slid roughly 0.4%. The tech-heavy Nasdaq Composite (^IXIC) led declines, falling 0.9%.
Powell's hawkish comments are casting a pall on markets as the initial optimism for President-elect Donald Trump's policies starts to wear off. The S&P has already reversed one-third of its post-election rally, and the Nasdaq is poised for a weekly loss of around 1%.
Moderna, Novavax stocks extend declines on Trump's pick of RFK Jr. for health secretary
Shares of Moderna (MRNA) and Novavax (NVAX) extended declines Friday morning following president elect Donald Trump's pick of Robert F. Kennedy Jr. to head the Department of Health and Human Services.
Moderna fell around 2% and Novavax dropped almost 1%. Pfizer (PFE) edged down around 0.7%. The moves follow sharp declines in shares of the stocks on Thursday, as Yahoo Finance's Josh Schafer reported. With the premarket tumble, Novavax is now down more than 40% for the month, while Moderna has fallen over 30% and Pfizer has dropped over 10% during the same period.
Trump confirmed RFK Jr.'s nomination on X after the market close Thursday.
Good morning. Here's what's happening today.
