Wall Street Ends Lower As Post-Election Loses Steam
US stocks finished sharply lower on Friday, with the S&P 500 dropping 1.3%, the Dow falling by 305 points, and the Nasdaq losing 2.2%.
Investors reacted to Fed Chair Jerome Powell’s hawkish remarks on interest rates, citing the economy's strength, a resilient labor market, and persistent inflation, which led to reduced expectations of rate cuts. October retail sales surpassed forecasts, rising 0.4%.
The technology sector saw significant losses, with major companies like Nvidia (-3.2%), Amazon (-4.1%), Meta (-4%), and Alphabet (-1.8%) booking losses. Pharmaceutical stocks also struggled after news that Trump might appoint vaccine skeptic Robert F. Kennedy Jr. to head the Department of Health and Human Services, causing declines in stocks like Amgen (-4.2%) and Moderna (-7.4%).
For the week, the S&P 500 lost 2.2%, the Dow fell 2.3%, and the Nasdaq declined 2.9%, reversing the post-election rally driven by optimism surrounding President-elect Trump's policies.
Source: Trading Economics
