Stock market today: Dow, S&P 500, Nasdaq slide as traders trim rate-cut bets

Published On Nov 15, 2024, 10:16 AM

U.S. stocks are experiencing declines as investors react to Federal Reserve Chair Jerome Powell's indication that the Fed is not in a rush to cut interest rates. The S&P 500 fell by 1% and the Nasdaq dropped 1.7%. Retail sales data for October showed a 0.4% increase, surpassing expectations, which was interpreted as a sign of economic strength that supports Powell's cautious approach. Additionally, there is concern about the implications of Trump's health department nomination, affecting stocks of vaccine companies like Moderna and Novavax.

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Stock Forecasts

AI prediction results, not representative of any investment advice.

SPY View SPY chart on TradingView

Negative

Due to the Federal Reserve's hawkish outlook and Powell's comments on not rushing to lower interest rates, the market may continue facing downward pressure in the near term. Additionally, ongoing declines in vaccine-related stocks amid political changes could further shake investor confidence.

XLY View XLY chart on TradingView

Positive

The continued strength in consumer spending, despite the Fed's stance, could signal resilience in the broader economy, possibly bolstering stocks in consumer discretionary sectors.

PFE View PFE chart on TradingView

Negative

With the news surrounding Trump's administration affecting vaccine stocks negatively, investors may look for safer investments within the healthcare sector as uncertainty remains.

Stock market today: Dow, S&P 500, Nasdaq slide as traders trim rate-cut bets

Stock Forecasts

SPY View SPY chart on TradingView

XLY View XLY chart on TradingView

PFE View PFE chart on TradingView

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