- US stocks finished the week lower as a stalemate on another round of fiscal stimulus continued in Washington, D.C.
- Dueling proposals for more than $900 billion in stimulus aid to combat the COVID-19 pandemic remained up in the air as Democrats and Republicans failed to reach consensus on extending federal unemployment benefits and liability protection for companies amid the pandemic.
- On top of that, a government shutdown remained a possibility as Congress has yet to pass a stop gap funding bill before tonight’s midnight deadline.
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A continued stalemate in stimulus negotiations and the threat of a government shutdown helped push stocks lower for the week, with the S&P 500 down by about 1%.
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 at the 4 p.m. ET close on Friday:
- S&P 500: 3,663.46, down 0.1%
- Dow Jones industrial average: 30,046.37, up 0.2% (47 points)
- Nasdaq composite: 12,377.87, down 0.2%
Pfizer shares saw volatile trading on Friday as the company's COVID-19 vaccine nears emergency use authorization from the FDA. The stock closed 1.5% lower. 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. Goldman Sachs thinks the rally in Disney can continue.
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 $46.34 per barrel. Brent crude, oil's international benchmark, fell 1%, to $49.74 per barrel, at intraday lows.
Gold rose as much as 0.6%, to $1,847.77 per ounce.