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Retail sales rise 0.4% in October, above forecasts

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Applied Materials ( AMAT ) down after forecasting Q1 revenue below

estimates

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Domino's Pizza gains after Berkshire Hathaway ( BRK/A ) takes stake

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Indexes down: Dow 0.34%, S&P 500 0.68%, Nasdaq 1.24%

(Updated at 09:40 a.m. ET/ 1440 GMT)

By Lisa Pauline Mattackal and Purvi Agarwal

Nov 15 (Reuters) - Wall Street's main indexes tumbled on

Friday after Federal Reserve Chair Jerome Powell said there was

no need to rush interest-rate cuts, pushing up U.S. Treasury

yields and pressuring equities.

In a speech on Thursday, Powell pointed to ongoing economic

growth, a solid job market, and inflation above the Fed's 2%

target as reasons the central bank can afford to be careful as

they determine the pace and scope of rate cuts going forward.

Powell's comments came after both consumer and producer

prices data this week pointed to persistent inflation. On

Friday, data showed U.S. retail sales increased slightly more

than expected in October, but underlying momentum in consumer

spending appeared to slow at the start of the fourth quarter.

Traders increased bets that the Fed will keep rates on hold

at its December meeting - pricing in a 41.3% chance, compared

with 14% a month ago, according to the CME FedWatch tool.

"The retail sales number was overall pretty good. That's

exactly what Powell was talking about yesterday, where if the

economy continues to be reasonably strong and inflation is

approaching our target, they can afford to be patient and go

slower with rate cuts than previously thought," said Mike

Dickson, head of research and quantitative strategies at Horizon

Investments.

The Dow Jones Industrial Average fell 149.62 points,

or 0.34%, to 43,601.24, the S&P 500 lost 40.21 points, or

0.68%, to 5,908.96 and the Nasdaq Composite lost 237.47

points, or 1.24%, to 18,870.18.

The small-cap Russell 2000 index was down 0.2%.

Higher Treasury yields pressured megacap stocks. Nvidia ( NVDA )

edged 1.8% lower, Apple ( AAPL ) dropped 1% and

Microsoft ( MSFT ) was down 1.7%.

The losses pulled down the information technology index

by 1.5%, while the tech-heavy Nasdaq led declines

among the major indexes with an over 1% loss.

The Philadelphia SE Semiconductor index slipped

2.2%, bogged down by a 8.8% decline in Applied Materials ( AMAT )

after it forecast first-quarter revenue below Wall

Street estimates on Thursday.

All three major U.S. stock indexes were headed for weekly

losses as a sharp post-election rally fizzled out and market

focus shifted to the state of the economy and potential

inflation risks under a new administration.

Stocks of vaccine makers dipped after the President-elect

selected Robert F Kennedy Jr, who has spread misinformation on

vaccines, to head the Department of Health and Human Services.

BioNTech dropped 5%, while Moderna ( MRNA ) and

Novavax ( NVAX ) fell more than 4%. Pfizer ( PFE ) dipped 4.9%.

"We are getting more visibility into who's going to be

surrounding Trump and what their policies represent. And that's

caused a little bit of the pause lately," said Dickson of

Horizon Investments.

Warren Buffett's Berkshire Hathaway ( BRK/A ) said on

Thursday it made new investments in Domino's Pizza and

sold its entire stake in Ulta Beauty ( ULTA ).

Domino's shares were up 2%, while Ulta was down 2.5%.

Advancing issues outnumbered decliners by a 1.06-to-1 ratio

on the NYSE and by a 1.5-to-1 ratio on the Nasdaq.

The S&P 500 posted 3 new 52-week highs and 8 new lows while

the Nasdaq Composite recorded 14 new highs and 91 new lows.