News

5 things to know before the stock market opens Friday

Close-up detail view of a green quilted leather bag from Coach, outside Coach, during New York Fashion Week, on February 12, 2024 in New York City.Ā 
Edward Berthelot | Getty Images
  • Fed Chair Jerome Powell says the central bank is taking its time.
  • President-elect Donald Trump named vaccine skeptic Robert F. Kennedy Jr. to lead HHS.
  • The planned luxury merger of Tapestry and Capri is off.

Here are five key things investors need to know to start the trading day:

1. Still room to run?

Stocks moved lower Thursday, as theĀ Dow Jones Industrial AverageĀ fell 189 points, or 0.4%. TheĀ S&P 500, meanwhile,Ā moved down 0.4%, while theĀ Nasdaq CompositeĀ lost 0.6%. Also on Thursday, theĀ October producer price index showed wholesale prices rose 0.2%, matching forecasts from economists polled by Dow Jones. The three major indexes are currently on track to end the week lower. Follow live market updates.

2. Powell ponders

Federal Reserve Chair Jerome Powell delivers remarks in Dallas on Nov. 14, 2024.
Ann Saphir | Reuters
Federal Reserve Chair Jerome Powell delivers remarks in Dallas on Nov. 14, 2024.

Jerome Powell is taking his time. The Federal Reserve chair said in a speech to business leaders in Dallas on Thursday that the central bank doesnā€™t need to be "in a hurry" to reduce interest rates. He said strong U.S. economic growth means policymakers can take their time in deciding how far and how fast they should lower rates. He also noted that the unemployment rate has been rising but remains low by historical standards and that inflation has been running closer to the Fed's 2% goal.

3. Vaccine makers fall

Robert F. Kennedy Jr. and Republican presidential nominee and former U.S. President Donald Trump attend a campaign event sponsored by conservative group Turning Point USA, in Duluth, Georgia, U.S., October 23, 2024.
Carlos Barria | Reuters
Robert F. Kennedy Jr. and Republican presidential nominee and former U.S. President Donald Trump attend a campaign event sponsored by conservative group Turning Point USA, in Duluth, Georgia, U.S., October 23, 2024.

Shares of vaccine makers fell in late trading Thursday as President-electĀ Donald TrumpĀ nominated vaccine skepticĀ Robert F. Kennedy Jr. to head the Department of Health and Human Services. Shares of Moderna ended the day more than 5% lower, while Novavax's stockĀ sank more than 7% andĀ Pfizer's stock closed 2% lower. Investors are worried that elevating Kennedy could boost anti-vaccine rhetoric and lead to fewer Americans getting vaccinated, which would hurt those pharmaceutical companies. The nomination is subject to Senate approval.

4. Amazon health

A worker assembles a box for delivery at the Amazon fulfillment center in Baltimore, Maryland, U.S., April 30, 2019.
Clodagh Kilcoyne | Reuters
A worker assembles a box for delivery at the Amazon fulfillment center in Baltimore, Maryland, U.S., April 30, 2019.

Amazon's latest effort is taking on direct-to-consumer marketplaces such asĀ Hims & Hers HealthĀ and Ro. The tech giant announced Thursday that Prime members will be able to get fixed pricing for treatment of conditions like erectile dysfunction and men's hair loss. Shares of Hims & Hers plunged after the announcement, falling more than 24% for the company's worst day on record. Amazon said members will have to pay for a consultation with a clinician and the medication, but there are no additional fees and the products would arrive in a regular Amazon box.

5. Deal bagged

The great bag tie-up is off. Luxury houses CapriĀ andĀ Tapestry mutually called off their planned merger, citing regulatory hurdles, after the Federal Trade Commission sued to block the megadeal. The $8.5 billion acquisition would have seen six fashion brands, including Kate Spade, Michael Kors and Coach, housed under one roof. But Tapestry is abandoning its appeal after losing its case in court last month, saying it can continue to grow on its own. Tapestry said it will reimburse Capri around $45 million for its expenses.

ā€” CNBC's Brian Evans, Jeff Cox, Annika Kim Constantino, Dan Mangan, Ashley Capoot and Gabrielle Fonrouge contributed to this report.

Copyright CNBC
Contact Us