Wall Street sinks on concerns about slower rate cuts and reactions to Trump's cabinet picks

From Investing.com: 2024-11-15 18:51:15

Wall Street closed lower on Friday, with the S&P 500 and Nasdaq seeing their biggest one-day losses in two weeks due to concerns about slower interest-rate cuts and reactions to Trump’s cabinet picks. Traders now believe the Fed won’t change rates in December and have dialed back easing expectations for 2025. Economic data showed U.S. retail sales rose more than expected in October, and import prices rebounded. The S&P 500 fell 2.08%, the Nasdaq declined 3.15%, and the Dow fell 1.24% for the week. Volumes were elevated, with concerns about the rate cut path and potential inflation risks under the next administration. Vaccine makers and packaged food companies dipped after Trump’s nomination of Robert F Kennedy Jr to head the Department of Health and Human Services. The Dow fell 305.87 points, the S&P 500 lost 78.55 points, and the Nasdaq dropped 427.53 points. Defense firms and government contractors also fell, as did information technology and healthcare sectors. Additionally, the CBOE’s volatility index hit 17.55, the highest since Election Day.



Read more at Investing.com: Wall St sinks on Powell rate-cut caution, Trump cabinet picks By Reuters