Yahoo Finance Market Reporter Josh Schafer analyzes today's three key market developments:

First, stocks responded to Federal Reserve Chair Jerome Powell's statement that the central bank doesn't need to "be in a hurry" to lower interest rates.

Second, Powell's comments raise questions about the Fed's 2025 rate cut trajectory, especially given the economic uncertainty surrounding the incoming presidential administration.

Finally, government contractor and healthcare stocks showed downward movement following President-elect Trump's political appointments: Elon Musk and Vivek Ramaswamy to lead the Department of Government Efficiency and Robert F. Kennedy Jr. as Secretary of Health and Human Services.

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This post was written by Angel Smith