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...
European stocks fell as traders pared back expectations for an interest-rate cut by the Federal Reserve in December after cautious comments from Chair Jerome Powell. The Stoxx Europe 600 Index was 0.7% lower at the close in London, giving back much of Thursday's rebound as it declined for the third day this week. Media, health care and technology stocks led Friday's retreat while basic resources gained on higher aluminum prices. China announced the removal of a tax rebate that covers over 5 million tons of exports of the metal. Sanofi SA was among...
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 292 points, or 0.68%. S&P 500 slipped about 1.1%, while Nasdaq Composite shed 2%. Declines in pharmaceutical stocks weighed on the 30-stock Dow and the S&P 500, with Amgen down 5% and Moderna off by more than 7%. President 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...
European markets opened lower on Friday, as investors assessed the latest economic data and the future path to cut interest rates following hawkish comments from US Federal Reserve Chairman Jerome Powell. The pan-European Stoxx 600 fell 0.8% in early trade, with all major bourses and nearly all sectors in the red. Healthcare stocks fell 1.72%, tracking a broader decline for global vaccine makers, as investors weighed President-elect Donald Trump's choice of Robert F. Kennedy Jr. to lead the Department of Health and Human Services. Technology stocks also fell 1.36%, while utilities were...