After Federal Reserve Chair Powell stated that there is no rush to cut interest rates, the market reduced expectations for further rate cuts in December. The three major U.S. stock indices continued to decline on Friday, with the Dow dropping by as much as 400 points and closing down 305 points or 0.7% at 43,444 points; the Nasdaq fell by over 2%.

The S&P 500 index closed down 78 points or 1.3% at 5,870 points; the Nasdaq closed down 427 points or 2.2% at 18,680 points. For the whole week, the S&P 500 index and the Nasdaq fell by 2.1% and 3.2% respectively, while the Dow dropped by 1.2%.

Tech stocks in general declined, with Amazon (AMZN.US) and Meta (META.US) both falling around 4%, Nvidia (NVDA.US) dropping by 3.3%, Microsoft (MSFT.US) and Apple (AAPL.US) falling by 1% to 2%. Tesla (TSLA.US), which plummeted on Thursday, rose against the trend by 3.1%.

Trump nominated vaccine conspiracy theorist Kennedy as Health Secretary, causing vaccine company stocks to decline, with Moderna (MRNA.US) plummeting by 7.3% for the whole day, and Pfizer (PFE.US) also falling by 4.7%.

Alibaba (BABA.US)(09988.HK) reported second-quarter earnings in line with expectations, causing U.S. stock ADRs to close down by 2.2%.