- US stocks declined on Friday as stimulus talks slowed ahead of a government funding deadline.
- Democrats and Republicans remained gridlocked on dueling stimulus proposals, with main sticking points including liability protections for businesses and an extension of federal unemployment benefits.
- A funding bill must be passed before midnight to avoid a government shutdown.
- Watch major indexes update live here.
US stocks declined on Friday as stimulus talks remained in limbo as a government shutdown deadline is fast approaching.
Congress has until midnight to pass a funding bill to avert a government shutdown. The House passed a stopgap spending bill yesterday, and its now up to the Senate to pass the bill.
Meanwhile, stimulus talks remain gridlocked as dueling proposals highlight a rift between Republicans and Democrats. Republicans want the inclusion of wide liability protections for businesses from COVID-19 related lawsuits, while Democrats want an extension of federal unemployment benefits.
Here’s where US indexes stood shortly after the 9:30 a.m. ET open on Friday:
- S&P 500: 3,652.23, down 0.4%
- Dow Jones industrial average: 29,912.27, down 0.3% (87 points)
- Nasdaq composite: 12,345.34, down 0.5%
Shares of Pfizer perked up 2% in on Friday as the company's COVID-19 vaccine nears emergency use authorization from the FDA. The decision is expected later today and Health and Human Services secretary Alex Azar said vaccinations could begin as early as Monday.
Disney wowed investors at its analyst day on Thursday, leading to a surge in its stock on Friday. The company said it plans to triple its Disney+ subscriber base by 2024, and announced a slate of new content that it hopes will drive consumer adoption of the streaming service.
Nio joined Tesla in taking advantage of its meteoric stock rise and announced a proposed offering. The Chinese-based EV company will sell 60 million shares to fund research and development initiatives and expand its sales and service network. Shares fell sharply.
Friday will wrap up a busy week for IPOs, with high profile debuts from Airbnb and DoorDash leading to a surge in their stock price on first day of trades.
Oil prices edged lower. West Texas Intermediate crude fell as much as 0.9%, to $46.37 per barrel. Brent crude, oil's international benchmark, fell 0.9%, to $49.80 per barrel, at intraday lows.
Gold rose as much as 0.3%, to $1,842.66 per ounce.