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

Published On Nov 15, 2024, 10:16 AM

US stocks experienced a decline on Friday, primarily influenced by Federal Reserve Chair Jerome Powell's indication that the Fed will not rush to cut interest rates. The S&P 500 fell by 1%, the Dow Jones Industrial Average by 0.6%, and the Nasdaq Composite led the drop with a 1.7% decrease. Despite a positive retail sales report for October, which exceeded expectations, market sentiments remained cautious due to Powell's hawkish stance on monetary policy. Additionally, stocks related to the COVID-19 vaccine sector, particularly Moderna and Novavax, saw further declines following the nomination of Robert F. Kennedy Jr. for a health position under the upcoming Trump administration.

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Stock Forecasts

XLKView XLK chart on TradingView

Negative

Given the Fed's continued hawkish stance on interest rates and the resulting market sentiment, a challenging week lies ahead for growth-oriented technology stocks. Investors should remain cautious, as interest rates have a significant impact on tech valuations.

XLYView XLY chart on TradingView

Positive

With the retail sales data showing resilience, the consumer discretionary sector might still see some strength despite overall market concerns. Companies with strong fundamentals and effective pricing strategies may perform better in the current environment.

MRNAView MRNA chart on TradingView

Negative

Given the recent declines in vaccine stocks and potential volatility with political leadership changes, investors may consider these stocks cautiously right now. Long-term prospects remain uncertain as policies concerning healthcare change.

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