|
With fresh business restrictions in many states and a jump in
weekly jobless claims, investors are counting on more fiscal
relief to sustain a nascent economic recovery.
But an agreement remains elusive and House Speaker Nancy Pelosi
on Thursday raised the possibility of negotiations dragging on
through Christmas.
Cyclical stocks, which stand to benefit from an economic
recovery, led declines in premarket trading on Friday, with
energy, industrial and financial sectors all lower.
Major banks Wells Fargo & Co and JPMorgan Chase & Co slid more
than 1%, while industrial bellwethers Boeing Co and 3M Co fell
1.6% and 0.9%, respectively.
The benchmark S&P 500 and the blue-chip Dow were set to snap a
two-week winning streak as volatility jumped to its highest in
almost a month.
At 06:29 a.m. ET, Dow E-minis were down 270 points, or 0.89%,
S&P 500 E-minis were down 37.5 points, or 1.02%, and Nasdaq 100
E-minis were down 125.75 points, or 0.98%.
Global stock markets were also subdued after scaling record
highs earlier this week as the UK became the first country in
the world to begin a mass COVID-19 vaccination program.
A panel of outside advisers to the U.S. Food and Drug
Administration on Thursday voted overwhelmingly to endorse
emergency use of Pfizer's COVID-19 vaccine, sending shares of
the drugmaker up 1.9% in premarket trading.
Mastercard dropped 1.4% after the UK Supreme Court gave the
green light for a $18.5 billion class action against the company
for allegedly overcharging more than 46 million people in
Britain over a 15-year period.
(Reporting by Shriya Ramakrishnan in Bengaluru; Editing by
Sriraj Kalluvila)
[© 2020 Thomson Reuters. All rights
reserved.] Copyright 2020 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
