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Stocks tumbled on Friday as the post-election rally fizzled, placing the major averages on track for sharp weekly losses.
The Dow Jones Industrials fell 321.28 points to 43,429.58.
The S&P 500 dived 78.45 points, or 1.3%, to 5,870.72.
The NASDAQ Composite slid 413.14 points, or 2.2%, to 18,694.51.
Declines in pharmaceutical stocks weighed on the 30-stock Dow and the S&P 500, with Amgen down 5% and Moderna off by more than 7%. President-elect Donald Trump said on Thursday that he planned to nominate vaccine skeptic Robert F. Kennedy Jr. to lead the U.S. Department of Health and Human Services.
The information technology sector of the S&P 500 was the worst performing corner of the market, down more than 2% as Nvidia, Meta Platforms, Alphabet and Microsoft tumbled more than 2% each. Tesla was a rare exception among its Magnificent Seven peers, as shares of the electric vehicle giant and so-called “Trump Trade” were higher by more than 3%.
Stocks took a leg down Thursday afternoon after Federal Reserve Chairman Jerome Powell said during an event in Dallas that the central bank wasn’t “in a hurry” to cut interest rates
Prices for the 10-year Treasury lost ground, pushing yields up to 4.46% from Thursday’s 4.45%. Treasury prices and yields move in opposite directions.
Oil prices sagged 98 cents to $67.72 U.S. a barrel.
Prices for gold eased four dollars an ounce to $2,568.90 U.S.
