Stocks Slide As Powell Cools Rate-Cut Hopes: These 15 Stocks Are Feeling The Pinch

Stocks declined sharply on Wednesday after Fed Chair Jerome Powell dampened expectations for a December interest rate cut, stating that the decision is not yet made and that the Federal Open Market Committee is divided. The S&P 500 fell 0.2%, the Dow Jones dropped 185 points, and sectors sensitive to interest rates, like real estate and financials, were hit hardest. Powell's comments led to a decrease in market expectations for a rate cut, with an 88% chance now assigned to a 25-basis-point cut in December, down from nearly 100% a day earlier. The 15 worst-performing stocks included Toll Brothers and Rocket Companies, both down nearly 4%.