The stock market's Trump honeymoon is turning sour

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.

The turning point came on Thursday, when Federal Reserve Chair Jerome Powell said he and the central bank are in no hurry to cut rates , given the positive signals being sent by the economy.

Stocks turned lower in afternoon trading, and that pressure continued through Friday. The S&P 500 fell as much as 1.6%, and has now given back more than half of its torrid 4% post-election gain. The Nasdaq Composite dropped 2.7% at intraday lows.

The S&P 500 fell 2.2% this week, while the Dow Jones industrial average lost 1.2% and the Nasdaq slid 3.2%.

The losses have come as the odds for a 25-basis-point rate cut in December have fallen. Investors are now pricing in a 58% probability of one at the next meeting, down from around 80% before Powell's address, according to the CME FedWatch Tool .

The comments from the central-bank head come amid a promising streak of US economic data. On Friday, retail-sales data showed signs of strength, and on Thursday, jobless-claims figures came in surprisingly light.

Stock investors have been grappling with what Trump will ultimately mean for the market now that the dust is settling on a buy-everything rush. Concerns have been raised around whether Trump's protectionist trade policies will drive inflation higher, possibly necessitating eventual rate hikes.

Until now, investors had seemed content to focus on Trump plan to cut taxes and deregulate. But it now seems that Jerome Powell has given them something else to think — and worry — about.

Here's where US indexes stood at the 4 p.m. closing bell on Friday:

Here's what else is going on: