U.S. stocks dive amid sell-off in tech shares

NEW YORK, Nov. 15 (Xinhua) -- U.S. stocks ended sharply lower on Friday, as investors reacted to Federal Reserve Chair Jerome Powell's remarks emphasizing patience in reducing interest rates.

The Dow Jones Industrial Average fell by 305.87 points, or 0.70 percent, to 43,444.99. The S&P 500 sank 78.55 points, or 1.32 percent, to 5,870.62. The Nasdaq Composite Index shed 427.53 points, or 2.24 percent, to 18,680.12.

Eight of the 11 primary S&P 500 sectors ended in red, with technology and health leading the laggards by losing 2.49 percent and 1.88 percent, respectively. Meanwhile, utilities and financials led the gainers by going up 1.47 percent and 0.53 percent, respectively.

U.S. retail sales data released Friday underscored the robust spending power of American consumers, aligning with Powell's outlook on the economy's strength. October sales increased by 0.4 percent month over month, surpassing the expected 0.3 percent. Additionally, September's growth was revised upward to 0.8 percent from the initially reported 0.4 percent.

"The economy is not sending any signals that we need to be in a hurry to lower rates," Powell said earlier. "The strength we are currently seeing in the economy gives us the ability to approach our decisions carefully."

Large-cap technology stocks faced pressure in early Friday trading. Amazon and Meta Platforms each dropped around 4 percent, while Nvidia and Microsoft slid 3.26 percent and 2.79 percent respectively. Alphabet fell 1.95 percent, and Apple declined 1.41 percent.

In other notable moves, Applied Materials shares plunged 9.2 percent after the semiconductor equipment maker posted weaker-than-expected earnings. Conversely, Disney gained 5.46 percent, extending its rally from the previous session following strong earnings and an optimistic outlook.