Wall Street key indices tumbled on Friday, on a renewed selloff in technology stocks. Hawkish comments from Federal Reserve officials raised concerns about an interest rate cut in next month.
The historic, record-long US government shutdown, which recently concluded, created a critical data vacuum. The delay and potential non-release of key economic indicators, such as the October jobs report and inflation data, left both the Federal Reserve and traders worried. This lack of clear, up-to-date information increased market uncertainty, making investors risk-averse and further justifying the Fed’s cautious stance on policy easing.
At 9:36 a.m. ET, the Dow Jones Industrial Average fell 568.05 points, or 1.24%, to 46,889.17, the S&P 500 lost 73.29 points, or 1.09%, to 6,664.20 and the Nasdaq Composite lost 317.39 points, or 1.44%, to 22,552.96.
Key Stock Movers
Walmart stock fell 2.2% after the retailer announced that CEO Doug McMillon would retire next year.
Applied Materials shares dropped 6.3% after the company flagged expectations of weaker China spending next year on tighter US export control curbs.
Warner Bros Discovery rose 2.4% after the entertainment company said it had amended CEO David Zaslav’s employment agreement amid a strategic review of its business.
Cidara Therapeutics shares more than doubled – soared 105.38% – after Merck announced it will buy the company in a nearly $9.2 billion deal.
