Dow Jones Industrial Average
were on track for a third straight day of declines on Friday, as progress over a bipartisan $908 billion pandemic relief package languished and investors absorbed mixed news on Covid-19 vaccines.
The Dow was down 28 points, or 0.1%. The S&P 500 declined 0.4% and the
declined 0.5%. The market benchmarks were on track for weekly declines of 0.8%, 1.3%, and 1%, respectively.
Shares of oil and gas companies posted the steepest declines in the S&P 500 on Friday morning, with the sector down 1.5% despite muted declines in oil prices. West Texas Intermediate crude was down 0.1%. Bank stocks also declined as long-term Treasury yields sank; the 10-year note’s yield was down four basis points, or hundredths of a percentage point, to 0.88%.
Thursday’s sharp increase in weekly jobless claims sparked hopes that politicians will agree on a much-needed Covid-19 relief package, and House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin on Thursday expressed optimism on progress toward fresh aid.
But Senate Majority Leader Mitch McConnell’s staff reportedly said the bipartisan deal isn’t likely to satisfy Republican senators, due to some key sticking points.
Global markets also hinted at investors betting on a dimmer growth outlook. The decline in long-term Treasury yields was met by an increase in the
Dollar Index, which was up 0.2% midday Friday. Gold was up 0.7%.
Stoxx Europe 600 index
fell 0.6%, a day after the European Central Bank boosted its pandemic-specific asset-buying program by €500 billion. Asian equities were mixed, with a 1% drop for the China CSI 300 index, which lost nearly 3.5% this week.
fell more than 3% in France, after the drugmaker said the Covid-19 vaccine it is producing with U.K.-based
suffered a delay. The companies said Phase 1-2 interim results revealed a low immune response in the elderly.
In Australia, researchers dropped plans for a Covid-19 vaccine from biopharmaceutical company
and the University of Queensland due to false positive results to HIV tests. CSL shares fell more than 3%.
More upbeat news came in the U.S. late on Thursday, after a Food and Drug Administration advisory committee recommended approving the Covid-19 vaccine from drugmaker
and its partner BioNTech. The vote is the last step needed before the FDA makes its own decision, possibly as soon as Friday.
Among stocks on the move, shares of home-sharing network
(ticker: ABNB) rose 2.6%, a day after soaring nearly 143% in the company’s trading debut. Shares closed Thursday at $144.71, up 112.8%, putting its market capitalization around $100 billion.
U.S.-listed shares of
slid 3.9%, after the Swedish telecommunications-equipment vendor said it has filed a lawsuit against
in the U.S. over violations of contractual commitments.
(LULU) shares were down 6.6% even after the company beat earnings and revenue forecasts. The company reported earnings per share of $1.16, beating estimates for 88 cents. Revenue came in at $1.1 billion, topping forecasts of $1 billion.
(COST) shares were up 0.5% after the company beat estimates on both top and bottom lines.
(DIS) shares rose 12% after the company announced it now has 86.8 million new Disney+ subscribers and revealed future streaming plans.
(AVGO) shares fell 1.1% after the chip maker beat expectations on earnings and revenue. The company reported a profit of $6.35 a share against estimates of $6.25. Revenue came in at $6.47 billion, beating against estimates of $6.43 billion.
Dave & Buster’s Entertainment
(PLAY) fell 3.7% after the company reported a mixed quarter. The company reported a loss of $1.01, a share, narrower than the expected loss of $1.11. Revenue came in at $109.1 million, missing estimates for $109.4 million.
Write to Alexandra Scaggs at [email protected] and Jacob Sonenshine at [email protected]