From Nasdaq: 2024-11-15 19:05:29

On Friday, major stock indices closed lower, with the S&P 500 down 1.32%, Dow Jones down 0.70%, and Nasdaq 100 down 2.40%. Hawkish Fed comments and strong economic data fueled bond yields to five-month highs, reducing chances of a rate cut next month. Vaccine and chip stocks sold off after Trump’s cabinet picks raised concerns.

US retail sales for October beat expectations at +0.4% m/m, while the Nov Empire manufacturing survey hit a 2-3/4 year high. Overseas, European bonds saw mixed yields. In the S&P 500, 75% of companies exceeded Q3 earnings estimates. Odds are at 58% for a -25 bp rate cut in December.

Stock movers included vaccine and pharmaceutical companies falling after Trump’s cabinet picks. Applied Materials led losses with a -9% drop. Ad agency stocks tumbled amid worries about drug advertising regulations. Palantir, Disney, and Super Micro Computer saw gains. Defensive utility stocks rose amidst market weakness.

Alcoa surged +7% on higher aluminum prices, while Pool Corp rose nearly +1% after Berkshire Hathaway acquired a stake. Earnings reports for November 18 include AECOM, BellRing Brands, Bit Digital, Critical Metals, I3 Verticals, Mondee Holdings, and Twist Bioscience. Market insights provided by Barchart.



Read more at Nasdaq: Stocks Settle Sharply Lower on the Outlook for Slower Fed Rate Cuts