U.S. stock markets experienced significant declines as the week concluded, with the S&P 500 closing down 1.3%, or 77.93 points, at 5,871.24. The Nasdaq composite fell 2.2%, or 424.37 points, ending at 18,683.28, while the Dow Jones Industrial Average decreased by 303.44 points, or 0.69%, to close at 43,447.42. The downturn was attributed to investor caution regarding potential interest rate cuts, as indicated by comments from Federal Reserve officials. The market's performance follows a week where retail sales rose by 0.4% in October, yet concerns over economic conditions led to a sell-off in major stocks, including declines in pharmaceutical companies Moderna and Pfizer by 7.3% and 4.7%, respectively.