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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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Futures down: Dow 0.38%, S&P 500 0.57%, Nasdaq 0.94%

(Updated at 08:45 a.m. ET/ 1345 GMT)

By Lisa Pauline Mattackal and Purvi Agarwal

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

poised for a lower open on Friday after Federal Reserve Chair

Jerome Powell said there was no need to rush interest-rate cuts,

pushing up bond yields and pressuring rate-sensitive 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.

U.S. Treasury yields rose broadly after Powell's comments,

while Wall Street's main indexes closed lower.

Traders increased bets that the Fed will keep rates on hold

at its December meeting - pricing in a 45% chance, compared with

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

expect only about 71 basis points of total easing by the end of

2025, per LSEG calculations.

A Commerce Department report showed retail sales rose 0.4%

in October on a monthly basis, compared with estimates for a

0.3% rise, according to economists polled by Reuters.

"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.

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

losses, as a sharp post-election rally fizzled out with market

focus shifting to the state of the economy and potential

inflation risks under a second Donald Trump presidency.

However, U.S. equity funds witnessed robust inflows in the

week through Nov. 13, on optimism that Trump's return to the

White House would benefit the outlook for corporate earnings.

Stocks of vaccine makers lost ground 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 3.7%, while Moderna ( MRNA ) and

Novavax ( NVAX ) fell more than 2% in premarket trading. Pfizer ( PFE )

dipped 1.3%.

Dow E-minis were down 165 points, or 0.38%, S&P 500

E-minis were down 34 points, or 0.57%, and Nasdaq 100

E-minis were down 197.5 points, or 0.94%.

Futures tracking the more rate-sensitive, small-cap Russell

2000 dropped 0.2%.

Megacap stocks also fell. Nvidia ( NVDA ) edged 1% lower,

Apple ( AAPL ) dropped 0.9% and Alphabet was down

0.4%.

Powell's comments come after both consumer and producer

prices data this week pointed to persistent inflation.

Remarks from Fed officials Susan Collins and John Williams

are also expected.

Applied Materials ( AMAT ) fell 8.6% after the chipmaking

equipment supplier forecast first-quarter revenue below Wall

Street estimates on Thursday.

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

Thursday it made new investments in Domino's Pizza and

sold its entire stake in cosmetics chain Ulta Beauty ( ULTA ).

Domino's shares were up 5%, while Ulta was down 5.5%.