{"id":115289,"date":"2024-11-15T22:05:37","date_gmt":"2024-11-15T22:05:37","guid":{"rendered":"https:\/\/quixnet.net\/wpinstance\/stock-market-today-wall-street-tumbles-as-the-trump-bump-fades-and-vaccine-makers-sink-the-associated-press\/"},"modified":"2024-11-15T22:05:37","modified_gmt":"2024-11-15T22:05:37","slug":"stock-market-today-wall-street-tumbles-as-the-trump-bump-fades-and-vaccine-makers-sink-the-associated-press","status":"publish","type":"post","link":"https:\/\/quixnet.net\/wpinstance\/stock-market-today-wall-street-tumbles-as-the-trump-bump-fades-and-vaccine-makers-sink-the-associated-press\/","title":{"rendered":"Stock market today: Wall Street tumbles as the \u201cTrump bump\u201d fades and vaccine makers sink – The Associated Press"},"content":{"rendered":"

Copyright 2024 The Associated Press. All Rights Reserved.
Trader Robert Charmak works on the floor of the New York Stock Exchange, Friday, Nov. 8, 2024. (AP Photo\/Richard Drew)
NEW YORK (AP) \u2014 U.S. stocks tumbled Friday as the \u201cTrump bump\u201d <\/a><\/span> that Wall Street got from last week\u2019s presidential election<\/a><\/span>, along with a cut to interest rates <\/a><\/span> by the Federal Reserve, kept fading<\/a><\/span>.
The S&P 500 dropped 1.3% for its worst day since before Election Day to close out a losing week. The Dow Jones Industrial Average fell 305 points, or 0.7%, and the Nasdaq composite sank 2.2%.
Makers of vaccines helped drag the market down after President-elect Donald Trump said he wants Robert F. Kennedy Jr., a prominent anti-vaccine activist<\/a><\/span>, to lead the Department of Health and Human Services<\/a><\/span>. Moderna tumbled 7.3%, and Pfizer fell 4.7% amid concerns about a possible hit to profits.
Kennedy still needs confirmation from the Senate to get the job, and some analysts are skeptical about his chances. \u201cHowever, if Kennedy is confirmed, it is hard to bookend risks for investors as his views are so outside the traditional Republican health policy orthodoxy,\u201d Raymond James analyst Chris Meekins wrote in a research note. Meekins is a former deputy assistant secretary at the department known as HHS.
\u201cInvestors may need to forget everything they thought they knew about Republicans and healthcare,\u201d Meekins said. \u201cKennedy\u2019s appointment may make it less likely traditional qualified experienced (Republican) staff will agree to join HHS, creating more uncertainty.\u201d
Biotech stocks broadly sank to some of the market\u2019s worst losses, but the sharpest drop in the S&P 500 came from Applied Materials. It fell 9.2% even though it reported a stronger profit for the latest quarter than analysts expected.<\/p>\n

The provider of manufacturing equipment and services to the semiconductor industry gave a forecasted range for upcoming revenue whose midpoint was short of analysts\u2019 expectations.
The pressure is on companies to deliver big growth, in part because their stock prices have been rising so much faster than their earnings. That\u2019s made the broad stock market look more expensive by a range of measures, which has critics calling for at least a fade. The S&P 500 is still up 23% for the year and not far from its all-time high<\/a><\/span> set on Monday, despite this past week\u2019s weakness.
Stocks had been broadly roaring since Election Day, when Trump\u2019s victory sent a jolt through financial markets worldwide. Investors immediately began sending up stocks of banks, smaller U.S. companies and cryptocurrencies<\/a><\/span> as they laid bets <\/a><\/span> on the winners coming out of Trump\u2019s preference for higher tariffs, lower tax rates and lighter regulation<\/a><\/span>.
But investors are also taking into account some of the potential downsides from Trump\u2019s return to the White House.
Besides Friday\u2019s hit to vaccine makers, Treasury yields have been climbing on both the economy\u2019s surprising resilience and worries that Trump\u2019s policies could spur bigger U.S. government deficits and faster inflation<\/a><\/span>.
That\u2019s forced traders to recalibrate how much relief the Federal Reserve could provide for the economy next year through cuts to interest rates. The Fed earlier this month lowered its main interest rate for the second time this year, and past forecasts indicated Fed officials saw more cuts as likely through 2025.
Lower interest rates can act as fuel for the economy and stock market, but they can also put upward pressure on inflation.
On Thursday, Fed Chair Jerome Powell suggested the U.S. central bank may be cautious<\/a><\/span> about future decisions on interest rates. \u201cThe economy is not sending any signals that we need to be in a hurry to lower rates,\u201d Powell said, though he declined to discuss how Trump\u2019s potential policies could alter things.
Traders have since ratcheted back forecasts for whether the Fed will cut rates again at its meeting next month, though they still see better than a coin flip\u2019s chance of it, according to data from CME Group.
On Friday, Treasury yields edged down in the bond market after swinging following several reports on the economy.
One showed shoppers spent more at U.S. retailers <\/a><\/span> last month than expected, another signal that the most influential force on the economy remains solid.
\u201cMany consumers were reporting that they were putting off trips and big ticket item purchases until after the election,\u201d according to Brian Jacobsen, chief economist at Annex Wealth Management. \u201cMany businesses reported they were putting off capital investment due to the election. Now that the uncertainty of the outcome is behind us, we could see some decent \u2018relief spending.\u2019\u201d
Friday\u2019s data on retail sales, though, may not be quite as strong as it appeared. After taking away purchases of automobiles, sales at retailers were weaker last month than economists expected.
The 10-year Treasury\u2019s yield held at 4.44%, where it was late Thursday, after swinging up and down. The two-year yield, which more closely tracks expectations for Fed action, fell to 4.31% from 4.36% late Thursday.
All told, the S&P 500 fell 78.55 points to 5,870.62. The Dow dropped 305.87 to 43,444.99, and the Nasdaq sank 427.53 to 18,680.12.
In stock markets abroad, London\u2019s FTSE 100 fell 0.1% after data from the Office for National Statistics showed economic growth slowed<\/a><\/span> to 0.1% in the July-September quarter from the 0.5% in the previous quarter. It was weaker than expected.
Tokyo\u2019s Nikkei 225 gained 0.3% after data showed growth for Japan\u2019s economy<\/a><\/span> accelerated in the latest quarter, even as the Bank of Japan raised interest rates in July.
AP Writers Matt Ott and Zimo Zhong contributed.
Copyright 2024 The Associated Press. All Rights Reserved.<\/p>\n

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Copyright 2024 The Associated Press. All Rights Reserved.Trader Robert Charmak works on the floor of the New York Stock Exchange, Friday, Nov. 8, 2024. (AP Photo\/Richard Drew)NEW YORK (AP) \u2014 U.S. stocks tumbled Friday as the \u201cTrump bump\u201d that Wall Street got from last week\u2019s presidential election, along with a cut to interest rates by […]<\/p>\n","protected":false},"author":1,"featured_media":115290,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[10],"tags":[],"class_list":["post-115289","post","type-post","status-publish","format-standard","has-post-thumbnail","category-world","entry"],"_links":{"self":[{"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/posts\/115289","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/comments?post=115289"}],"version-history":[{"count":0,"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/posts\/115289\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/media\/115290"}],"wp:attachment":[{"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/media?parent=115289"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/categories?post=115289"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/tags?post=115289"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}