Morning Report 18 Nov 24: Wall St sinks on Powell rate-cut caution, Trump cabinet picks

US sharemarkets fell for a second straight session on Friday after comments from US Federal Reserve Chair Jerome Powell on Thursday pointed to a slower pace of interest rate cuts. The rate-sensitive information technology sector of the S&P 500 index was the worst performer, down 2.5% as Amazon, Nvidia, Meta Platforms, Alphabet and Microsoft fell between 1.8% and 4.2%. Vaccine makers and packaged food company's stocks dipped after US President-elect Donald Trump selected Robert F. Kennedy Jr., to head the Department of Health and Human Services. PepsiCo lost 4%. Moderna slumped 7.3% and Pfizer lost 4.7%, while the healthcare sector dropped 1.9% to its lowest since May.

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