Stock Market Today: Stocks Drop as Post-Election Party Ends
It was a red finish on Wall Street Friday with tech stocks selling off ahead of Nvidia's upcoming earnings event.
You are now subscribed
Your newsletter sign-up was successful
Want to add more newsletters?
Delivered daily
Kiplinger Today
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more delivered daily. Smart money moves start here.
Sent five days a week
Kiplinger A Step Ahead
Get practical help to make better financial decisions in your everyday life, from spending to savings on top deals.
Delivered daily
Kiplinger Closing Bell
Get today's biggest financial and investing headlines delivered to your inbox every day the U.S. stock market is open.
Sent twice a week
Kiplinger Adviser Intel
Financial pros across the country share best practices and fresh tactics to preserve and grow your wealth.
Delivered weekly
Kiplinger Tax Tips
Trim your federal and state tax bills with practical tax-planning and tax-cutting strategies.
Sent twice a week
Kiplinger Retirement Tips
Your twice-a-week guide to planning and enjoying a financially secure and richly rewarding retirement
Sent bimonthly.
Kiplinger Adviser Angle
Insights for advisers, wealth managers and other financial professionals.
Sent twice a week
Kiplinger Investing Weekly
Your twice-a-week roundup of promising stocks, funds, companies and industries you should consider, ones you should avoid, and why.
Sent weekly for six weeks
Kiplinger Invest for Retirement
Your step-by-step six-part series on how to invest for retirement, from devising a successful strategy to exactly which investments to choose.
Stocks opened in negative territory Friday and stayed there through the close as investors took profits following the post-election surge.
Tech stocks led the path lower, with Nvidia (NVDA) plummeting 3.3% ahead of next week's earnings report. But the chipmaker was hardly the worst Dow Jones stock today.
Rather, that title went to Amgen (AMGN), which tumbled 4.2% to tie Amazon.com (AMZN, -4.2%). Healthcare stocks fell across the board in reaction to President-elect Donald Trump's nomination of Robert F. Kennedy, Jr., to head the Department of Health and Human Services.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
The anti-vaccine activist's initiative to Make America Healthy Again (MAHA) will reportedly take aim at Big Pharma, which Kennedy has criticized for prioritizing profits over public health.
Kennedy feels "dramatic changes are needed because of the high levels of chronic disease in the United States" and that "government agencies have corruptly tolerated or promoted unhealthy diets and dangerous drugs and vaccines," wrote KFF Health News on November 14.
Today's decline dropped AMGN into the red for the year to date, but Wall Street remains mostly upbeat toward the drugmaker. Of the 33 analysts covering the blue chip stock tracked by S&P Global Market Intelligence, 10 say it's a Strong Buy, four have it at Buy, 17 rate it at Hold and two call it a Strong Sell. This works out to a consensus Buy recommendation, though with low conviction.
Buffett drops Ulta stock
Ulta Beauty (ULTA) was another notable decliner Friday, sinking 4.6% after regulatory filings revealed it was one of the stocks Warren Buffett sold in Q3.
The Oracle of Omaha first added ULTA to the Berkshire Hathaway equity portfolio in the second quarter of this year, buying 690,000 shares of the beauty retailer. However, Buffett & Co. sold off nearly the entire stake by September 30 at a notable loss, owning just 24,000 shares at the end of Q3.
Palantir to start trading on the Nasdaq
On the positive side of the ledger was Palantir Technologies (PLTR), which surged 11.1% on news the data analytics firm will change its listing exchange to the Nasdaq from the New York Stock Exchange (NYSE).
The move, which is expected to take place on November 26, follows PLTR's inclusion into the S&P 500 Index in September and positions it for a potential spot on the Nasdaq-100.
PLTR is now up roughly 280% for the year to date, but Argus Research analyst Joseph Bonner thinks it may have run too far, too fast. He downgraded PLTR to Hold from Buy earlier this month.
"As was evident in Q3, the company has been dramatically improving its profitability and cash flow over the past year," wrote Bonner in a November 7 note. "However, PLTR shares have about tripled in value this year and may be getting ahead of what the company fundamentals can support."
As for the main indexes, the Dow Jones Industrial Average fell 0.7% to 43,444, the S&P 500 shed 1.3% to 5,870, and the Nasdaq Composite slumped 2.2% to 18,680. All three benchmarks closed lower on a weekly basis too.
Retail sales stayed strong in October
In economic news, data from the Census Bureau showed retail sales rose 0.4% from September to October, beating economists' estimate for a 0.3% increase. What's more, September retail sales were upwardly revised to show growth of 0.8% vs the initial reading of 0.4%.
Online sales continue to grow, with the data showing a 7% monthly rise in nonstore retailers. Restaurants and bars saw a 4.3% jump in sales.
"Retail sales surprised to the upside as we expected and showed signs of reacceleration after a few months of sluggish activity," says Scott Helfstein, head of investment strategy at Global X. "This is good news on the consumer going into the holiday season where consumption will be critical to growth."
While Black Friday and Cyber Monday are still a couple of weeks out, many retailers – including Costco (COST) – are getting the deals started early and running them through the annual shopping holidays.
Related content
- Why Is Warren Buffett Selling So Much Stock?
- Don't Miss Costco's Cyber Monday and Black Friday Deals
- Nvidia Earnings: Updates and Commentary
-
Look Out for These Gold Bar Scams as Prices SurgeFraudsters impersonating government agents are convincing victims to convert savings into gold — and handing it over in courier scams costing Americans millions.
-
How to Turn Your 401(k) Into A Real Estate EmpireTapping your 401(k) to purchase investment properties is risky, but it could deliver valuable rental income in your golden years.
-
My First $1 Million: Retired Nuclear Plant Supervisor, 68Ever wonder how someone who's made a million dollars or more did it? Kiplinger's My First $1 Million series uncovers the answers.
-
Don't Bury Your Kids in Taxes: How to Position Your Investments to Help Create More Wealth for ThemTo minimize your heirs' tax burden, focus on aligning your investment account types and assets with your estate plan, and pay attention to the impact of RMDs.
-
Are You 'Too Old' to Benefit From an Annuity?Probably not, even if you're in your 70s or 80s, but it depends on your circumstances and the kind of annuity you're considering.
-
In Your 50s and Seeing Retirement in the Distance? What You Do Now Can Make a Significant ImpactThis is the perfect time to assess whether your retirement planning is on track and determine what steps you need to take if it's not.
-
Your Retirement Isn't Set in Stone, But It Can Be a Work of ArtSetting and forgetting your retirement plan will make it hard to cope with life's challenges. Instead, consider redrawing and refining your plan as you go.
-
The Bear Market Protocol: 3 Strategies to Consider in a Down MarketThe Bear Market Protocol: 3 Strategies for a Down Market From buying the dip to strategic Roth conversions, there are several ways to use a bear market to your advantage — once you get over the fear factor.
-
Dow Adds 1,206 Points to Top 50,000: Stock Market TodayThe S&P 500 and Nasdaq also had strong finishes to a volatile week, with beaten-down tech stocks outperforming.
-
The Best Precious Metals ETFs to Buy in 2026Precious metals ETFs provide a hedge against monetary debasement and exposure to industrial-related tailwinds from emerging markets.
-
For the 2% Club, the Guardrails Approach and the 4% Rule Do Not Work: Here's What Works InsteadFor retirees with a pension, traditional withdrawal rules could be too restrictive. You need a tailored income plan that is much more flexible and realistic.
