US Stock Market Live Updates: Dow, S&P 500, Nasdaq Futures Drop Amid Fed Rate-Cut Uncertainty
US stock market falls as Dow, S&P 500, and Nasdaq futures decline. Powell signals no rate cuts. Retail sales data and corporate moves in focus.
US stock futures took a hit early Friday, signaling potential losses across major indices as Federal Reserve Chair Jerome Powell dampened hopes for a swift reduction in interest rates. The broader market is on track for weekly declines as investor confidence wanes amid policy uncertainty.
Index Performance
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S&P 500 Futures: Declining by 0.5%
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Dow Jones Futures: Down 0.4%
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Nasdaq 100 Futures: Dropped 0.8%, leading the losses
The Nasdaq Composite appears poised for a weekly decline nearing 1%, while the S&P 500 has already erased about one-third of its gains from the post-election rally.
Fed Rate-Cut Expectations Shift
Powell’s firm stance against immediate rate cuts has reshaped market expectations for the Federal Reserve's policy direction. The CME FedWatch tool shows a noticeable decline in the likelihood of easing:
- Odds of a December rate cut fell to 62%, down from 72% just a day prior
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January rate-cut probability dipped to 73% from 81%
The mixed inflation data released earlier this week has only added to the uncertainty surrounding the Fed's next moves.
Retail Sales Data in the Spotlight
Later today, October's retail sales report will provide crucial insight into consumer behavior ahead of the holiday shopping season. As the last major consumer data release before the year-end, it could influence broader economic forecasts and monetary policy expectations.
Corporate Developments Driving Headlines
- Trump Administration Preparations: Investors are closely watching updates on appointments in the new administration. Reports of Robert F. Kennedy Jr. potentially being tapped for a top health position caused a dip in vaccine stocks.
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Jamie Dimon Declines Government Role: JPMorgan Chase CEO Jamie Dimon confirmed he will not be joining the president-elect’s administration, easing speculation.
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Buffett’s Portfolio Activity: Shares of Domino’s Pizza (DPZ) and Pool Corp. (POOL) saw premarket gains after Warren Buffett’s Berkshire Hathaway revealed significant investments in the two companies.
Follow our live blog for real-time updates here...
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15 Nov 2024 08:27 AM
US Stock Market Updates: Key Economic Reports and Earnings to Watch TodayGood morning! Here’s a quick look at today’s major events affecting the US stock market.
Economic Reports:
Retail Sales Data for October
October Import Price Index
October Industrial Production Numbers
Earnings Announcements:
Alibaba (BABA)
Spectrum Brands (SPB)
These key economic reports and earnings results are expected to shape market trends today. Stay tuned for the latest updates!
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15 Nov 2024 08:31 AM
Moderna and Novavax Stocks Fall After Trump's Health Secretary Appointment
Shares of Moderna (MRNA) and Novavax (NVAX) continued to decline on Friday following President-elect Donald Trump's selection of Robert F. Kennedy Jr. as his pick for Secretary of the Department of Health and Human Services.
Moderna’s stock dropped by approximately 2%, while Novavax saw a nearly 1% decline. Pfizer (PFE) also saw a slight dip of around 0.7%. These losses followed significant drops in the previous day, as reported by Yahoo Finance's Josh Schafer. With the premarket losses, Novavax has now seen a more than 40% decrease in value for the month, while Moderna has dropped over 30%, and Pfizer is down by over 10% in the same timeframe.
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15 Nov 2024 09:45 AM
US Stock Market Set for Weekly Declines as Fed Maintains Hawkish Approach
US stock indices experienced a decline on Friday, positioning them for a weekly loss after Federal Reserve Chair Jerome Powell signaled that the central bank is unlikely to quickly reduce interest rates.
The S&P 500 (^GSPC) fell by more than 0.6%, while the Dow Jones Industrial Average (^DJI) slipped around 0.4%. The Nasdaq Composite (^IXIC), dominated by technology stocks, took the biggest hit with a 0.9% drop.
Powell's comments have overshadowed the market, as initial excitement over President-elect Donald Trump’s policy agenda begins to lose momentum. The S&P 500 has already retraced about one-third of its post-election gains, while the Nasdaq is heading towards a loss of approximately 1% for the week.
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15 Nov 2024 10:26 AM
October Retail Sales Surpass Expectations, Showing Strong Consumer Spending
Retail sales for October exceeded forecasts, reflecting the ongoing strength of consumer spending in the US. Sales grew by 0.3%, beating economists' predictions, according to Bloomberg data. Additionally, September's sales were revised upward to a 0.8% increase, an improvement from the initial 0.4% estimate. A significant portion of the October gains came from the auto sector, which saw a 1.6% rise in sales.
This data arrives as investors closely track the health of the US economy amid the Federal Reserve's gradual shift away from its strict interest rate policies. So far, economic indicators have generally been stronger than expected, which has boosted investor confidence that the Fed may not reduce rates as swiftly as initially anticipated.
In prepared remarks on Thursday, Fed Chair Jerome Powell highlighted that the current economic conditions do not indicate an urgent need for rate cuts. He added, "the strength we are currently observing in the economy allows us to proceed with caution in our decision-making."
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15 Nov 2024 11:58 AM
Palantir Stock Hits Record High Ahead of Nasdaq Listing
Shares of Palantir Technologies (PLTR) surged more than 9% on Friday after the company revealed plans to list on the Nasdaq later this month. The move positions Palantir to potentially join the prestigious Nasdaq 100 index, boosting its visibility among investors.
This announcement sent the stock to a new all-time high, making Palantir the top performer in the S&P 500 for the year. The company's shares have soared nearly 280% year-to-date, outpacing even AI leader Nvidia, which has gained just under 190%.
Being included in the Nasdaq 100 would elevate Palantir’s profile, likely leading index-tracking investors to buy the stock to align with the benchmark’s holdings.
Palantir confirmed that it will shift its listing from the New York Stock Exchange to the Nasdaq, with trading set to begin on November 26. The company has gained significant traction in recent months, fueled by the growing interest in AI and defense-related stocks.
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15 Nov 2024 12:00 PM
Healthcare Stocks Decline Following RFK Jr. Appointment, But Analysts Warn of Excessive Reaction
Healthcare and vaccine stocks experienced a drop on Friday after President-elect Donald Trump announced his selection of Robert F. Kennedy Jr. to lead the U.S. Department of Health and Human Services (HHS). However, some experts believe the market’s response may be an overreaction, stressing the uncertainty surrounding the potential impact of RFK Jr.’s appointment.
In a note to clients on Friday, J.P. Morgan analyst Chris Schott highlighted the challenges in assessing the long-term effects of this decision. "It’s hard to gauge the exact implications until more details emerge regarding the specific healthcare policies and priorities of the incoming administration," Schott stated.
RFK Jr., known for his strong opposition to the drug approval process, will have the power to appoint leaders for critical health agencies within HHS, including the FDA and the CDC.
While Schott acknowledged that the healthcare sector’s downturn is understandable, given RFK Jr.’s prior public views on the industry, he also emphasized that the real impact of this appointment remains uncertain. "We are not surprised by the sector’s pressure, considering RFK Jr.'s past positions on healthcare, but much depends on what actual policies emerge," Schott added.
As with other elements of Trump’s policy outlook, it remains unclear how much of the rhetoric will translate into formal policy decisions.
