LIVE MARKETS-US indexes end lower; Trump picks raise uncertainty

reuters11-16 05:43
LIVE MARKETS-US indexes end lower; Trump picks raise uncertainty

Main U.S. indexes end sharply lower; Nasdaq down most, off >2%

Tech weakest S&P sector; Utilities lead gainers

Dollar, gold dip; crude down ~2.5%; bitcoin up ~3.5%

U.S. 10-Year Treasury yield rises to ~4.45%

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U.S. INDEXES END LOWER; TRUMP PICKS RAISE UNCERTAINTY

U.S. stocks ended sharply lower on Friday, with the S&P 500 .SPX and Nasdaq .IXIC suffering their biggest daily percentage declines in about two weeks, as investors digested cabinet and other selections by U.S. President-elect Donald Trump.

Shares in global vaccine makers and drugmakers fell after Trump picked Robert F. Kennedy Jr. to lead the Department of Health and Human Services $(HHS)$. Shares of Pfizer PFE.N were down 4.7%.

S&P 500 healthcare .SPXHC was down 1.9% and was among sectors leading losses for the benchmark index on the day.

Also, shares of defense firms and government contractors continued their recent losing streak on Friday as Wall Street eyed potential impact of a second Trump administration.

Trump has named Elon Musk and former Republican presidential candidate Vivek Ramaswamy to co-lead his proposed Department of Government Efficiency.

The day's market declines come a day after Federal Reserve Chair Jerome Powell said the U.S. central bank does not need to rush to lower interest rates given ongoing economic growth, a solid job market, and inflation that remains above the 2% target.

This morning's data showed retail sales rose 0.4% last month, slightly more than the 0.3% increase expected by economists.

Here is the closing market snapshot:

(Caroline Valetkevitch)

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FOR FRIDAY'S EARLIER LIVE MARKETS POSTS:

NVIDIA ON TAP NEXT WEEK AS EARNINGS SEASON DRAWS TO CLOSE - CLICK HERE

INDIVIDUAL INVESTOR BULLS STAMPEDE - AAII - CLICK HERE

POWELL-FRIENDLY DATA: FRIDAY ECONOMICS GIVE JAY SOME BACK-UP - CLICK HERE

U.S. INDEXES FALL EARLY; HEALTHCARE, TECH LEAD DECLINES - CLICK HERE

BITCOIN'S EYE-POPPING RALLY SAW HIGHEST TRADING VOLUMES SINCE MARCH - CLICK HERE

S&P 500 BULLS SUDDENLY IN NO HURRY AS POST-ELECTION RALLY STALLS - CLICK HERE

LOONIE TUNES: CANADIAN DOLLAR LOOKS VULNERABLE - CLICK HERE

FEAR OVER FUNDAMENTALS - CLICK HERE

TRUMP NOT TRIGGERING WORRIES ABOUT US DEBT AFFORDABILITY - CLICK HERE

DIGGING DEEPER INTO UK GDP FIGURES - CLICK HERE

HEALTHCARE LEADS EUROPE LOWER - CLICK HERE

EUROPEAN STOCK FUTURES HEAD SOUTH - CLICK HERE

CHINESE CONSUMERS SPEND MORE, JUST NOT ON PROPERTY - CLICK HERE

closing snapshot https://tmsnrt.rs/3Z7j301

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