Stock Market Today: Stocks Slip After Powell Talks Rate Cuts
The main indexes closed lower Thursday after Fed Chair Powell said there's no rush to cut rates.



Joey Solitro
Stocks opened higher Thursday following the latest inflation data but didn't stay there for long. A late-afternoon speech from Federal Reserve Chair Jerome Powell failed to reignite sentiment, with all three main benchmarks closing the day in the red.
Ahead of the opening bell, the Bureau of Labor Statistics said the Producer Price Index (PPI), which measures what businesses are paying subscribers for goods, increased 0.2% month over month in October. Year over year, the headline PPI was up 2.4% – the quickest pace since July.
Core PPI, which excludes food and energy prices, rose 0.3% on a monthly basis and 3.5% year over year.

Sign up for Kiplinger’s Free E-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.
"We should expect a bit more volatility in producer prices, especially as businesses manage supply chains amid the risk of tariffs," says Jeffrey Roach, chief economist for LPL Financial.
The impact of tariffs on consumers "vary widely and are industry-specific as businesses often apply for exclusions or bear part of the costs," he adds. "Consumer prices actually decelerated down to 1.7% in late 2019 after businesses adjusted to the trade war with China."
Powell's in no hurry to rush rate cuts
In a late-afternoon panel discussion in Dallas, Fed Chair Powell said the central bank is in no hurry to rush rate cuts.
The Federal Open Market Committee (FOMC) has lowered the federal funds rate by 75 basis points since September to a target range of 4.50% to 4.75%. But today, Powell said that economic data "is not sending any signals that we need to be in a hurry to lower rates."
Rather, the strength in the economy "gives us the ability to approach our decisions carefully," he added.
The next Fed meeting occurs in mid-December and futures traders are pricing in a 62% chance for a quarter-point rate cut, according to CME Group's FedWatch Tool.
SMCI keeps sliding on delisting concerns
In single-stock news, Super Micro Computer (SMCI) stock continued to slide after the company delayed the filing of its quarterly report – sparking delisting fears. The Securities and Exchange Commission (SEC) requires publicly traded companies to file annual reports to maintain their listings on U.S. stock exchanges, which SMCI has yet to do for its year ended June 30, 2024.
SMCI has until November 16 to file or submit a plan to the Nasdaq Stock Exchange to regain compliance with its listing rules or face potential delisting, according to Barron's.
Shares of the AI server, software and infrastructure firm plunged 11.4% today, bringing their six-month loss to 77%.
Cisco slips despite beat-and-raise quarter
Cisco Systems (CSCO) stock fell 2.1% even after the networking equipment specialist reported higher-than-expected fiscal first-quarter results and raised its full-year forecast.
Still, Wall Street remains bullish on Cisco. "Cisco reported solid results and guidance, bolstered by depleted customer inventory and positive artificial intelligence (AI) commentary," says Jefferies analyst George Notter, who has a Buy rating on the blue chip stock and raised his price target to $66 from $53.
"Margins are looking good too as the company continues to manage costs tightly," Notter notes, adding that he believes "the risk/reward in the shares is tilted positively."
Disney tops the Dow after earnings
Looking elsewhere on the earnings calendar, Walt Disney (DIS) soared 6.2%, making it the best Dow Jones stock today, after the media and entertainment giant disclosed its quarterly results.
DIS said fiscal fourth-quarter earnings jumped 39% year over year to $1.14 per share while revenue was up 6% to $22.6 billion – more than analysts were expecting. The company also posted modest subscriber growth for both its Disney+ Core and Hulu streaming segments and issued a strong outlook for fiscal 2025.
"With a strong lineup of beloved intellectual property in the works, Disney's content pipeline is looking particularly robust," says Third Bridge analyst Albie Amankona. The company's upcoming releases, including "Moana 2," highlight its strategy of leaning into fan-favorite franchises, Amankona adds. "This approach maximizes cross-platform monetization, creating synergy across streaming, theaters, and the parks."
Tesla sinks after Trump's EV tax credit proposal
Elsewhere, Tesla (TSLA) surrendered a portion of its election-inspired gains after a Reuters report indicated President-elect Donald Trump's transition team is planning to end the $7,500 electric-vehicle tax credit.
In Tesla's second-quarter earnings call, CEO Elon Musk said that ending the EV tax credit "would be devastating for our competitors," but only "slightly" for Tesla. He added that doing so "probably actually helps Tesla" over the long term.
The mega-cap stock slumped 5.8% today, but remains nearly 25% higher for the month to date.
As for the main indexes, the Dow Jones Industrial Average fell 0.5% to 43,750, the S&P 500 shed 0.6% to 5,949, and the Nasdaq Composite surrendered 0.6% to 19,107.
Related content
- Why Is Warren Buffett Selling So Much Stock?
- Roth 401(k) vs. 401(k): Which Is Right for You?
- Should You Buy Tesla Stock After Trump's Election Win?
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
- Joey SolitroContributor
-
How to Navigate Your Medicare Advantage Plan in a Disaster
If you're a Medicare Advantage member in an area that has been impacted by a disaster, you might be worried about access to care and medicine. Here's what you need to know.
-
Older Investors: Boost Your Savings and Retire Earlier
This one measure can help older investors retire up to two years earlier and potentially double their retirement savings.
-
I'm a Financial Adviser: This Is How You Could Be Leaving Six Figures in Social Security on the Table
Claiming Social Security is about more than filing paperwork and expecting a check. When you do it and how you do it have huge financial implications that last the rest of your life.
-
The Big Pause: Why Are So Many Americans Afraid to Retire?
While new research sheds light on Americans' growing reluctance to quit work in later life, can anything be done to help those with the retirement jitters?
-
Five Under-the-Radar Shifts Investors and Job Seekers Can't Afford to Ignore Under the OBBB
Beyond the headlines: The new tax law's true impact for job seekers and investors lies in how it will transform industries and create opportunities in areas such as regional accounting, AI and outsourced business services.
-
5 Popular Investing Strategies You Should Really Rethink
There are plenty of popular sayings that help guide your investing strategies, but which ones work? We turned to the experts and historical data to find out.
-
I'm a Financial Professional: It's Time to Stop Planning Your Retirement Like It's 1995
Today's retirement isn't the same as in your parents' day. You need to be prepared for a much longer time frame and make a plan with purpose in mind.
-
An Attorney's Guide to Your Evolving Estate Plan: Set-It-and-Forget-It Won't Work
When did you last review your will? Before kids? Before a big move? An update is essential, but regular reviews are even better. Here's why.
-
Nasdaq Ends the Week at a New High: Stock Market Today
The S&P 500 came within a hair of a new high, while the Dow Jones Industrial Average still has yet to hit a fresh peak in 2025.
-
For a Richer Retirement, Follow These Five Golden Rules
These Golden Rules of Retirement Planning, developed by a financial pro with many years of experience, can help you build a plan that delivers increased income and liquid savings while also reducing risk.