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U.S. INDEXES FALL EARLY; HEALTHCARE, TECH LEAD DECLINES

U.S. stocks are sharply lower in early trading Friday, with the S&P 500 .SPX and Nasdaq .IXIC down more than 1% each, with data showing U.S. retail sales increased slightly more than expected in October and healthcare and technology declining the most among sectors.

Shares in global vaccine makers and drugmakers are under pressure after U.S. President-elect Donald Trump picked Robert F. Kennedy Jr., who has previously spread misinformation on vaccines, to lead the Department of Health and Human Services $(HHS)$. Shares of Pfizer PFE.N are down 3.5%.

The declines come a day after Federal Reserve Chair Jerome Powell said the U.S. central bank does not need to rush to lower interest rates given ongoing economic growth, a solid job market, and inflation that remains above the 2% target.

This morning's data showed retail sales rose 0.4% last month, slightly more than the 0.3% increase expected by economists.

Traders increased bets that the Fed will keep rates on hold at its December meeting - pricing in a 41.3% chance as of Friday, compared with 14% a month ago, according to the CME FedWatch tool.

Here is the late morning snapshot:

(Caroline Valetkevitch)

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FOR FRIDAY'S EARLIER LIVE MARKETS POSTS:

BITCOIN'S EYE-POPPING RALLY SAW HIGHEST TRADING VOLUMES SINCE MARCH - CLICK HERE

S&P 500 BULLS SUDDENLY IN NO HURRY AS POST-ELECTION RALLY STALLS - CLICK HERE

LOONIE TUNES: CANADIAN DOLLAR LOOKS VULNERABLE - CLICK HERE

FEAR OVER FUNDAMENTALS - CLICK HERE

TRUMP NOT TRIGGERING WORRIES ABOUT US DEBT AFFORDABILITY - CLICK HERE

DIGGING DEEPER INTO UK GDP FIGURES - CLICK HERE

HEALTHCARE LEADS EUROPE LOWER - CLICK HERE

EUROPEAN STOCK FUTURES HEAD SOUTH - CLICK HERE

CHINESE CONSUMERS SPEND MORE, JUST NOT ON PROPERTY - CLICK HERE