Fri Nov 15 20:23:59 UTC 2024: ## Wall Street Slides as Powell Signals No Rush on Rate Cuts, Trump’s Policies Cast Shadow

**New York, NY** – US stocks closed lower on Friday, marking a significant weekly decline fueled by Federal Reserve Chair Jerome Powell’s indication that interest rate cuts are not imminent. The S&P 500 fell 1.4%, the Dow Jones Industrial Average dropped 0.7%, and the Nasdaq Composite suffered the steepest losses, plummeting nearly 2.5%. This downturn reverses a substantial portion of the post-election rally, with the S&P 500 erasing one-third of its gains and the Nasdaq facing a weekly loss exceeding 3%.

Powell’s hawkish stance countered initial market optimism surrounding President-elect Donald Trump’s policies. While October retail sales showed continued consumer resilience, rising 0.4% month-over-month, exceeding expectations, the Fed’s cautious approach dampened investor enthusiasm. Market odds for a December rate cut fell from 72% to 62%, according to the CME FedWatch tool.

The announcement that Robert F. Kennedy Jr. is President-elect Trump’s pick to lead the Department of Health and Human Services sent shockwaves through the pharmaceutical sector. Vaccine stocks, including Moderna and Novavax, experienced significant declines, reflecting concerns over Kennedy’s skepticism towards vaccines. Pfizer also saw a downturn.

Further adding to market uncertainty, President-elect Trump’s reported plan to eliminate the electric vehicle tax credit sparked industry pushback. While Tesla shares rose on speculation it might benefit from reduced competition, major EV manufacturers urged Trump to reconsider the policy, highlighting its potential negative economic impact.

Despite concerns over potential economic disruption from Trump’s protectionist agenda, some CEOs remain relatively calm. They cite adaptations made to their businesses in anticipation of geopolitical turmoil and supply chain shifts implemented during the COVID-19 pandemic.

Individual stock movers included Palantir, which surged over 8% following its Nasdaq listing announcement, and Pool Corp., boosted by a new stake from Berkshire Hathaway. Conversely, Applied Materials plummeted over 8% after a disappointing earnings report.

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