Stock market news live updates: Stocks pull back from record highs with stimulus talks in focus
Shares fell on Friday after the S&P 500, Dow and Nasdaq briefly hit new record highs earlier in the day.
The Dow fell about 90 points, or 0.3%, closer and the S&P 500 fell a similar percentage margin. The Nasdaq outperformed slightly, ending just a tick below the flat line. However, each of the three main indices ended the week slightly higher, with the Nasdaq leading the way with a weekly gain of about 3%.
Friday was the quadruple witchcraft quarterly event, with stock index futures and options and single equity futures and options expiring, which tends to increase trading volume. The S&P 500 should rebalance after Friday's market close, adding Tesla (TSLA), the largest company to add to the index by market capitalization.
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In the meantime, lawmakers remained embroiled in discussions about another coronavirus bailout and government funding laws for the fiscal year.
New economic data from Thursday underscored the weakening of trends in the labor market as new jobless claims unexpectedly climbed to their highest level since early September, giving investors reason to believe that the dismal data will force lawmakers to push a stimulus bill more purposefully.
With the clock ticking for lawmakers, the possibility of a no-deal scenario is still on the table this week. Senate majority whip, John Thune (R-SD), suggested Thursday that the government could be partially shut down over the weekend as lawmakers work to pinpoint details of both the state spending bill and the expected virus relief package. according to Bloomberg.
However, analysts still largely assume that a stimulus deal will be concluded relatively quickly. However, the recent surge in equity markets in anticipation of further stimulus, as well as optimism about a vaccine-enabled economic reopening, have begun to hold some strategists on hold.
"Sentiment is rising from the charts," Ryan Detrick, LPL Financial's chief market strategist, who has a price target of 3,900 for the S&P 500 in 2021, told Yahoo Finance. "We're bullish too ... but that adversary in me thinks we might finally get a mentality that sells the news."
"We're not so lonely when we're bullish here. Perhaps a well-deserved break at some point, probably early next year, would be completely normal and honestly healthy," he said.
In the meantime, further progress was made in the field of vaccines on Thursday. The Food and Drug Administration advisory panel voted to recommend the approval of Moderna's COVID-19 vaccine (MRNA) for emergency use. This would make the vaccination the second vaccination in the US after the FDA granted Pfizer's emergency vaccine approval last week. Moderna shares fell in overnight trading following the announcement eagerly anticipated in this week's FDA panel meetings.
Elsewhere, FedEx (FDX) stocks fell in late trading after the company reported higher costs in its latest quarterly results as package demand surged to record highs during the pandemic and the start of the Christmas delivery season. UPS stocks (UPS) fell in sympathy.
On Friday, the Dow component Nike (NKE) will release quarterly results after the market closes after the market surpassed a 39% rally since the start of the year.
4:00 p.m. ET: Stocks end lower and pull back from record highs
The three main indices ended the session a little lower on Friday, pulling back from the record intraday highs hit shortly after the market opened.
The S&P 500 and Dow were both down 0.3%, while the Nasdaq was down 0.07%.
11:19 am ET: Stocks falling, Dow falling more than 200 points
Here were the key moves in the markets as of 11:19 a.m. ET:
S & P 500 (^ GSPC): -24.54 points (-0.66%) to 3,697.94
Dow (^ DJI): -201.59 points (-0.67%) to 30,101.78
Nasdaq (^ IXIC): -47.55 points (-0.37%) to 12,716.93
Crude Oil (CL = F): + $ 0.70 (+ 1.45%) to $ 49.06 per barrel
Gold (GC = F): + $ 1.50 (+ 0.08%) to $ 1,891.90 per ounce
10-year Treasury (^ TNX): +0.3 basis points for a return of 0.933%
10:00 a.m. ET: The Conference Board's benchmark index climbs faster than expected in November, but declines from recent months
The Conference Board's Leading Economic Index (LEI) for the United States rose 0.6% to 109.1 in November, after rising 0.8% in October and 0.7% in September. That beat consensus expectations for a 0.5% increase, according to Bloomberg consensus data.
The index comprises a series of 10 components that summarize conditions in the labor market, manufacturing, housing, stock and credit markets and signal overarching trends in the business cycle.
"The US LEI continued to rise in November, but its rate of improvement has slowed in recent months, indicating a significant slowdown in growth in 2021," Ataman Ozyildirim, senior director of economic research at The Conference Board, said in a statement .
"Initial claims for unemployment insurance, new construction contracts, residential building permits and stock prices have made the largest positive contribution to the LEI," added Ozyildirim. "However, falling average working hours in manufacturing and deteriorating consumer outlook underscore the downside risks to growth from a second wave of COVID-19 and high unemployment."
9:31 a.m. ET: The indices open higher to hit new record highs
The three main indices saw higher open values on Friday morning, adding to Thursday's record closing levels and making new record highs during the day.
The S&P 500 was up 0.05% while the Dow was up roughly the same percentage margin. The Nasdaq outperformed slightly, rising 0.25%.
7:20 a.m. ET Friday: Stock futures are rising
Here were the main moves in the markets as of 7:20 a.m. CET on Friday:
S&P 500 Futures (ES = F): 3,726.5, plus 5.25 points or 0.14%
Dow Futures (YM = F): 30,326.00, plus 33 points or 0.11%
Nasdaq Futures (NQ = F): 12,761.25, plus 10.25 points or 0.08%
Crude Oil (CL = F): - $ 0.01 (-0.02%) to $ 48.35 per barrel
Gold (GC = F): + $ 3.20 (+ 0.17%) to $ 1,893.60 per ounce
10-year Treasury (^ TNX): +0.8 basis points for a return of 0.938%
6:02 p.m. ET Thursday: Stock futures start the overnight session a little lower
Here were the main moves in the markets from 6:02 p.m. ET Thursday:
S&P 500 Futures (ES = F): 3,721.00, minus 0.25 points or 0.01%
Dow Futures (YM = F): 30,284.00, minus 9 points or 0.03%
Nasdaq Futures (NQ = F): 12,745.00, minus 6 points or 0.05%
NEW YORK, NEW YORK - DECEMBER 2: A "Flu Shots Are Here" sign is displayed in the window of a CityMD near a large Christmas tree displayed in front of the New York Stock Exchange on December 2, 2020 in New York City. (Photo by Alexi Rosenfeld / Getty Images)
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YM = F.
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