And just like that, half of the stock market's euphoric post-Trump-election gain is gone. Major US indexes sold off sharply on Friday, with the tech-heavy Nasdaq leading the way, as investors came to terms with the fact that they may not get a December rate cut as previously expected.

U.S. stocks fell to their worst loss since Election Day as the boost that Wall Street got from last week’s victory for Donald Trump and a cut to interest rates by the Federal Reserve kept fading.