Stocks Slide as Post-Election Rally Fizzles Amid Rate Cut Uncertainty

U.S. stocks continued to decline as investors adjusted expectations for Federal Reserve interest rate cuts following hawkish comments from Fed Chairman Jerome Powell, who emphasized patience due to economic strength and persistent inflation. The market is also reacting to President-elect Donald Trump's cabinet selections, including vaccine skeptic Robert F. Kennedy Jr. as Secretary of Health and Human Services, which has impacted vaccine-focused stocks like Pfizer. Retail sales data showed a 0.4% increase, indicating healthy consumer spending, but stocks remain cautious amid political and economic uncertainties.