The major averages pulled back to end the week as the postelection rally fizzled a little bit as investors look toward the path of interest rates. The Dow Jones Industrial Average lost 305 points, or 0.70%, to end at 43,444.  The S&P 500 fell 78 points or 1.3% while the Nasdaq fell 427 points or 2%.

Weakness today was due in part to pharmaceutical stocks. Amgen was down 4% while Moderna dropped 7%. Pfizer fell 4% to a new 52 week low. The weakness was due in part President-elect Donald Trump nominating vaccine skeptic Robert F. Kennedy Jr. to lead the U.S. Department of Health and Human Services. The Biotech index fell 5% and posted its worst week since 2020.

Big cap tech took it on the chin. Amazon, Meta and Nvidia were down over 3%. The information technology sector was the worst-performing sector down over 2%.

The 10-year Treasury yield was marginally higher on Friday, capping an eventful week of inflation data and comments from Federal Reserve Chair Jerome Powell suggesting the central bank may not be as aggressive on its rate-cutting campaign going forward.

After making new highs on Monday, the major averages fell on the week. The S&P 500 lost 2.1%, while the Nasdaq Composite dropped 3.1%. The Dow Jones fell 1.2%.