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 11%.
Shares of Applied Materials, which makes equipment for the chip industry, fell more than 8% after the company gave weak guidance for revenue in the current quarter. Domino's Pizza jumped nearly 2% after Berkshire Hathaway announced a new stake in the pizza chain.
Source : CNBC
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