Wall St sinks on Powell rate-cut caution, Trump cabinet picks
By Sinéad Carew and Lisa Pauline Mattackal
Fri November 15, 2024 6:46 PM
For the second day, the indexes suffered 3-digit losses, today even more so than yesterday, as investors exercised increased caution over the potential fallout from Trump’s coming policies, exacerbated in the last couple of days by the controversial cabinet nominations, particularly RFK as healthcare and especially vax stocks took a tumble. Even defense stocks took a hit over concerns with the new Department of Government Efficiency.
And unlike yesterday which was a rollercoaster, today it was just a straight shot down. This week’s data all supported a strong economy, which further supports the Fed’s new position of throwing cold water on future rate cuts as a hedge against inflation worsening under Trump. Even consumer staples was hurt by the nomination news. Volume came in at 15.47 billion, still well above the 13.94 billion average.
DJ: 43,750.86 -207.33 NAS: 19,107.65
-123.07 S&P: 5,949.17
-36.21 11/14
DJ: 43,444.99 -305.87 NAS: 18,680.12 -427.53 S&P: 5,870.62 -78.55 11/15
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