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Stocks opened lower on Friday as the post-election rally wavered and the Federal Reserve signaled it was in no hurry to keep cutting interest rates.
The Dow Jones Industrials fell 203.9 points to 43,456.96.
The S&P 500 dived 67.81 points, or 1.1%, to 5,881.19.
The NASDAQ Composite slid 356.31 points, or 1.9%, to 18,742.25.
Pharmaceutical stocks were under pressure after incoming President Donald Trump said he planned to nominate Robert F. Kennedy Jr. to lead the U.S. Department Health and Human Services.
Shares of Applied Materials, which makes equipment for the chip industry, fell more than 7% after the company gave weak guidance for revenue in the current quarter. Domino’s Pizza jumped nearly 2% after Berkshire Hathaway announced a new stake in the pizza chain.
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 4.47% from Thursday’s 4.45%. Treasury prices and yields move in opposite directions.
Oil prices sagged 46 cents to $68.24 U.S. a barrel.
Prices for gold eased 50 cents an ounce to $2,572.40 U.S.