Wall Street’s main indexes slipped on Friday, heading for weekly losses as doubts over more COVID-19 stimulus weigh on sentiment.
Nine of the 11 major S&P indexes were down in morning trading, with energy and financials among the biggest decliners on profit taking in economically sensitive sectors, that have risen sharply recently on COVID-19 vaccine optimism… [with] fresh business restrictions in many U.S. states and increasing layoffs, investors are counting on more fiscal relief to sustain a nascent economic recovery as most government aid has dried up.
However, alternating headlines on progress toward a stimulus deal have kept investors on edge… House Speaker Nancy Pelosi on Thursday raised the possibility of stimulus negotiations dragging on through Christmas…
The U.S. Food and Drug Administration said on Friday it was working rapidly to issue an emergency use authorization for Pfizer Inc’s COVID-19 vaccine, with the first Americans set to be immunized as early as Monday or Tuesday.
Qualcomm Inc fell 5.3% and was among the top decliners on the benchmark S&P 500, following a Bloomberg News report that Apple has started building its own cellular modem for future devices, a move that would replace components from the chipmaker.
MacDailyNews Take: As COVID-19 vaccines begin to come online, additional COVID-19 stimulus would be a boon for the U.S. economy and businesses, including Apple.