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
-
Cord Cutting Could Help You Save Over $10,000 in 10 Years
How cutting the cord can save you money and how those savings can grow over time.
-
The '8-Year Rule of Social Security' — A Retirement Rule
The '8-Year Rule of Social Security' holds that it's best to be like Ike — Eisenhower, that is. The five-star General knew a thing or two about good timing.
-
Cord Cutting Could Help You Save Over $10,000 in 10 Years
How cutting the cord can save you money and how those savings can grow over time.
-
Should I Buy Stocks or Should I Buy Bonds Right Now?
Generally speaking, stocks provide reasonable growth while bonds provide stable income. Each play important roles in diversified portfolios.
-
You Were Planning to Retire This Year: Should You Go Ahead?
If the economic climate is making you doubt whether you should retire this year, these three questions will help you make up your mind.
-
Are You Owed Money Thanks to the SSFA? You Might Need to Do Something to Get It
The Social Security Fairness Act removed restrictions on benefits for people with government pensions. If you're one of them, don't leave money on the table. Here's how you can be proactive in claiming what you're due.
-
From Wills to Wishes: An Expert Guide to Your Estate Planning Playbook
Consider supplementing your traditional legal documents with this essential road map to guide your loved ones through the emotional and logistical details that will follow your loss.
-
Why Investing Abroad Could Pay Off
Countries overseas are stimulating their economies, and their stocks are compelling bargains.
-
Are These the Next Stocks to Split?
Interactive Brokers' recently split its stock to makes its shares more accessible to investors. Could these high-priced stocks be next?
-
Your Home + Your IRA = Your Long-Term Care Solution
If you're worried that long-term care costs will drain your retirement savings, consider a personalized retirement plan that could solve your problem.