CNBC Business News Update - Market Close: Stocks Extend Thursday Slide On Powell Remarks, EV Makers Urge Trump To Continue Tax Credits, Vaccine Stocks Slide

Episode Date: November 15, 2024

The latest in business, financial, and market news and how it impacts your money - reported by CNBC's Peter Schacknow

I'm Peter Schach, now CNBC. or 79 points. The Nasdaq slumped 428 points or 2.2 percent. That's the biggest one-day slide for the S&P 500 and the Nasdaq since October 31st, as well as the fourth straight down day for the Nasdaq. Chicago Fed President Austin Goolsbee says the longer-term trend for interest rates is lower and that has not changed. The overall through line is, I was saying before the election and I'm going to say now after the election, it has nothing to do with the election. It has to do with what the conditions are. And to me, the conditions on the dual mandate side are looking pretty balanced. And so we should be thinking over the next year, year and a half, the rates need to come down. Shares of vaccine

makers slumped in today's trading after President-elect Trump said he would nominate vaccine skeptic Robert F. Kennedy Jr. as Secretary of Health and Human Services. Moderna was down 7.3 percent, while Pfizer fell by 4.7 percent. A group representing electric vehicle and battery makers is urging President-elect Trump not to kill federal tax credits for electric vehicles. The Zero Emission Transportation Association says the tax credits have driven significant job growth in states like Ohio, Kentucky, Michigan, and Georgia. Peter Schach now, CNBC. Don't miss CNBC Pro's best deal of the year. Sign up and save with exclusive Black Friday early access alerts. Sign up now at cnbc.com slash pro early access. Terms and restrictions apply.