Stock market today: Dow, S&P 500, Nasdaq slide as Powell says Fed in no 'hurry' on rate cuts
Published On Nov 14, 2024, 4:04 PM
US stocks faced a downturn on Thursday driven by comments from Federal Reserve Chair Jerome Powell, who indicated there is no rush to lower interest rates given the strength of the economy. This led to a sell-off in major indices, with the Dow Jones down 0.5%, S&P 500 down 0.6%, and Nasdaq down about 0.7%. Concerns about inflation were heightened by new data showing that wholesale inflation rose more than expected. The recent Republican sweep in Congress has fueled optimism but signs of fatigue were seen in some sectors, particularly among 'Trump trade' stocks like Tesla, which fell over 5% due to planned elimination of the $7,500 EV tax credit. Conversely, vaccine stocks dropped as Trump is expected to appoint an anti-vaccine advocate to lead the Department of Health and Human Services.