Friday saw a negative start to the day for stocks as the postelection surge faltered and the Fed indicated it was not in a rush to continue lowering interest rates.
The Dow Jones Industrial Average experienced a 0.33% decline, or 146 points. While Nasdaq Composite fell 1.22%, S&P 500 fell roughly 0.73%.
Donald Trump, the next president, announced that he would appoint Robert F. Kennedy Jr. to head the U.S. Department of Health and Human Services, which put pressure on pharmaceutical stocks. After dropping almost 5%, the SPDR S&P Biotech ETF (XBI) was on track to have its worst week since January 2022.
Source (CNBC)
