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?
Get Kiplinger Today newsletter — free
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
-
Machine Learning in Finance: Real-World Applications and Challenges
Controlling machine learning in a finance environment requires stakeholders' commitment to creating a strong ethical foundation.
By Clay Bethune Published
-
How Caregivers for Adults Can Save on Taxes in 2025
Tax Breaks Caring for your parent or spouse can be stressful, but the IRS offers tax breaks for qualifying taxpayers. Here they are.
By Kate Schubel Published
-
The Stock Market Is Selling Off. Here's What Investors Should Do
Investors are fleeing the equities market en masse in response to the Trump administration's "jaw-dropping" tariffs. But the experts say don't panic.
By Karee Venema Last updated
-
How Building Liquidity Into Your Retirement Plan Can Pay Off
To succeed in investing for retirement, you need time and discipline — liquidity can give you both.
By Samantha Compton, IAR Published
-
Striking Oil in Opportunity Zones: Now Might Be the Best Time to Invest
You could unlock hidden wealth in QOZs with strategic oil and gas investments, potentially combining tax advantages with long-term growth in an essential industry.
By Daniel Goodwin Published
-
Stock Market Today: It's the Old Up-Down Again on Liberation Day
Markets look forward to what comes with the reordering of 80-year-old global trade relationships.
By David Dittman Published
-
Can a New Manager Cure Vanguard Health Care Fund?
Vanguard Health Care Fund has assets of $40.5 billion but has been ailing in recent years. With a new manager in charge, what's the prognosis?
By Nellie S. Huang Published
-
What You Don't Know About Annuities Can Hurt You
Lack of awareness leads many to overlook these potent financial tools, and with the possibility of running out of money in retirement, that could really hurt.
By Ken Nuss Published
-
Three Keys to Logical Investing When Markets Are Volatile
Focusing on these market fundamentals can help investors stay grounded rather than being swayed by emotion or market hysteria.
By Dennis D. Coughlin, CFP, AIF Published
-
Yes, the Markets Are Spooked, But You Don't Have to Be
It's human nature for investors to freak out in a downturn. But with a little discipline, you can overcome the urge to sell and stay focused on long-term goals.
By Jimmy Lee, IAR Published