Wall Street: US stocks slip after strong retail sales data, Nvidia dips 3.5%, Pfizer jumps 4% — Why markets are falling
US stocks slipped on Tuesday, as investors become cautious ahead of the Federal Reserve's interest rate decision following strong retail sales data.
The Federal Reserve is slated to announce its final interest rate decision on Wednesday.
At 9:41 am ET, the Dow Jones Industrial Average fell 231.55 points, or 0.53 per cent, to 43,487.22, the S&P 500 lost 28.68 points, or 0.47 per cent, to 6,045.40 and the Nasdaq Composite lost 97.40 points, or 0.48 per cent, to 20,078.88.
At the open, the Dow Jones Industrial Average fell 61.0 points, or 0.14 per cent, to 43,656.47. The S&P 500 fell 21.5 points, or 0.35 per cent, to 6,052.55, while the Nasdaq Composite dropped 78.3 points, or 0.39 per cent, to 20,095.618.
US retail sales rose 0.7 per cent in November amid an acceleration in motor vehicle purchases, from a month earlier, and up from a revised 0.5 per cent in October.
The strong retail sales data indicate that the US economy is on strong footing.
Among individual stocks, Pfizer jumped 4.1 per cent as it projected slightly higher profits in 2025 compared with this year.
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