US open: Stocks lower following Powell comments, retails sales numbers

(Sharecast News) - Wall Street stocks were in the red early on Friday, setting major indices on a course for a losing week following last week's solid post-election rally. As of 1545 GMT, the Dow Jones Industrial Average was down 0.57% at 43,501.02, while the S&P 500 lost 1.02% to 5,888.48 and the Nasdaq Composite came out the gate 1.77% weaker at 18,769.11.

The Dow opened 249.84 points lower on Friday, extending losses recorded in the previous session after Federal Reserve chairman Jerome Powell indicated that the central bank was in no rush to continue cutting interest rates.

Underlining sentiment on Friday was news that US retail sales increased 0.4% month-on-month in October, according to the Census Bureau, following an upwardly revised 0.8% gain in September and beating consensus estimates of a 0.3% rise. Excluding automotive retailers, sales edged up just 0.1% month-on-month.

Elsewhere on the macro front, US import prices decreased to 140.8 in September, according to the Bureau of Labor Statistics, down from 141.40 in August, while export prices slipped to 146.80 points, down from 147.90 in the prior month.

On another note, the Federal Reserve Bank of New York's Empire State manufacturing index surged to 31.2 in November, up from -111.9 in October and smashing expectations for a reading of -0.7 with the best print seen since December 2021. New orders climbed 38 points to 28.0, while the shipments index rose 35 points to 32.5.

Finally, US business inventories increased 0.1% month-on-month in September, according to the Bureau of Labor Statistics, slowing from the prior month's 0.3% increase and short of expectations for a reading of 0.2%.

In the corporate space, shares in semiconductor equipment and services business Applied Materials traded lower after issuing weak revenue guidance, while Domino's Pizza traded higher on the back of news that Berkshire Hathaway had taken a stake in the restaurant chain.

Pharmaceutical stocks were also under the cosh after Donald Trump said he would nominate vaccine sceptic Robert F Kennedy Jr to the Department of Health and Human Services.









Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Walt Disney Co. (DIS) $112.85 3.41% JP Morgan Chase & Co. (JPM) $245.30 1.42% Procter & Gamble Co. (PG) $169.23 1.28% Nike Inc. (NKE) $76.49 1.06% Travelers Company Inc. (TRV) $259.24 1.06% Johnson & Johnson (JNJ) $153.10 0.81% Verizon Communications Inc. (VZ) $41.16 0.71% Visa Inc. (V) $309.22 0.31% Walmart Inc. (WMT) $84.64 0.20% Boeing Co. (BA) $138.22 0.06%

Dow Jones - Fallers

Amgen Inc. (AMGN) $282.38 -4.58% Walgreens Boots Alliance, Inc. (WBA) $8.52 -3.35% Merck & Co. Inc. (MRK) $95.52 -2.89% Intel Corp. (INTC) $24.33 -2.82% Microsoft Corp. (MSFT) $417.72 -2.15% Salesforce.Com Inc. (CRM) $326.09 -1.68% 3M Co. (MMM) $130.35 -1.49% Apple Inc. (AAPL) $224.86 -1.47% McDonald's Corp. (MCD) $295.19 -1.13% International Business Machines Corporation (CDI) (IBM) $206.88 -1.01%

S&P 500 - Risers

Walt Disney Co. (DIS) $112.85 3.41% Fluor Corp. (FLR) $52.51 3.37% Quest Diagnostics (DGX) $161.60 3.04% DaVita Inc (DVA) $158.92 2.95% CF Industries Holdings Inc. (CF) $87.96 2.60% Stryker Corp. (SYK) $391.48 2.14% Apartment Investment & Management Co. (AIV) $8.63 1.95% Alliant Energy Corp. (LNT) $60.63 1.90% Kimberly-Clark Corp. (KMB) $134.09 1.83% Colgate-Palmolive Co. (CL) $92.97 1.66%

S&P 500 - Fallers

Applied Materials Inc. (AMAT) $169.77 -8.72% Advance Auto Parts (AAP) $38.02 -7.72% Nektar Therapeutics (NKTR) $1.10 -5.98% Interpublic Group of Companies Inc. (IPG) $27.48 -5.89% Illumina Inc. (ILMN) $134.05 -5.76% IQVIA Holdings Inc. (IQV) $191.45 -5.66% Omnicom Group Inc. (OMC) $99.57 -5.21% Equifax Inc. (EFX) $248.81 -5.11% Vertex Pharmaceuticals Inc. (VRTX) $460.23 -4.90% Adobe Systems Inc. (ADBE) $504.11 -4.86%

Nasdaq 100 - Risers

Tesla Inc (TSLA) $318.38 2.31% JD.com, Inc. (JD) $34.08 2.17% Align Technology Inc. (ALGN) $224.98 1.51% Vodafone Group Plc ADS (VOD) $8.74 0.71% Starbucks Corp. (SBUX) $99.76 0.54% Hologic Inc. (HOLX) $77.87 0.43% Henry Schein Inc. (HSIC) $66.70 0.24% Baidu Inc. (BIDU) $84.24 0.22% NetEase Inc. Ads (NTES) $84.38 0.19% Alexion Pharmaceuticals Inc. (ALXN) $0.00 0.00%

Nasdaq 100 - Fallers

Applied Materials Inc. (AMAT) $169.77 -8.72% Illumina Inc. (ILMN) $134.05 -5.76% Qurate Retail Inc. (QRTEA) $0.43 -5.31% Vertex Pharmaceuticals Inc. (VRTX) $460.23 -4.90% Adobe Systems Inc. (ADBE) $504.11 -4.86% Amgen Inc. (AMGN) $282.38 -4.58% Lam Research Corp. (LRCX) $71.50 -4.41% Workday, Inc. (WDAY) $259.66 -4.36% KLA-Tencor Corp. (KLAC) $617.90 -4.20% Incyte Corp. (INCY) $74.54 -4.10%