Stocks tumbled on Friday as the postelection rally fizzled, placing the major averages on track for sharp weekly losses.
The Dow Jones Industrial Average lost 305 points, or 0.7%. The S&P 500 slipped about 1.3%, while the Nasdaq Composite shed 2.2%.
Declines in pharmaceutical stocks weighed on the 30-stock Dow and the S&P 500, with Amgen down 4% and Moderna off by 6%. 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 SPDR S&P Biotech ETF (XBI) tumbled more than 3% and headed for its worst week since 2020.
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. 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 2%.
Source : CNBC
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