The Nasdaq and S&P 500 had their worst weeks since September
Wall Street fell across the board Friday, solidifying weekly losses for all three major benchmarks. The Nasdaq and S&P 500 each logged their worst weekly performance since September, while the Dow turned in a 305-point loss and its third weekly drop in four.
The post-election momentum seems to be losing steam, as investors turn their attention towards key economic data and President-elect Donald Trump's planned cabinet picks, namely Robert F. Kennedy Jr. as the head of the U.S. Department of Health and Human Services. Small-cap stocks are also suffering, with the Russell 2000 Index (RUT) dropping 4% this week after a massive postelection rally.
Continue reading for more on today's market, including:
- 2 surprising stocks in Warren Buffet's portfolio.
- Palantir stock snags new highs after joining NDX.
- Plus, this week's biggest headlines; a vaccine stock roundup; and Applied Materials reports earnings.
5 Things to Know Today
- Here's what Trump's fight against China could mean for U.S. companies. (CNBC)
- Russia told Austria that it will suspend gas deliveries from Saturday. (Reuters)
- Behind Wall Street's turbulent price action.
- Why vaccine stocks are struggling.
- Unpacking Applied Materials' earnings report.
Gold Paces Toward Worst Weekly Decline in 3 Years
Oil prices fell 4.8% this week, weighed down by a stronger U.S. dollar and worries of demand from China. For the session, December-dated West Texas Intermediate (WTI) crude lost $1.68, or 2.5%, to settle at $67.02 a barrel -- its lowest settlement in two months.
With expectations of a less aggressive interest rate cut lifting the greenback, gold prices were on track for a more than 4% pullback on the week -- spot gold's worst such decline in more than three years. At last check, gold futures are 0.2% lower to trade at $2,567.20.