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Wall Street ends lower on stimulus uncertainty, Facebook weighs

Stock MarketsDec 09, 2020 04:25PM ET
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© Reuters. FILE PHOTO: The front facade of the NYSE is ssen in New York

By Chuck Mikolajczak

NEW YORK (Reuters) -U.S. stocks closed lower on Wednesday, retreating from record levels as investors grew discouraged over the halting progress of economic stimulus talks, while a drop in Facebook (NASDAQ:FB) shares provided an additional drag.

Investors are banking on a long-awaited relief package to help buttress an economy battered from the COVID-19 pandemic and related lockdowns that has led to millions of layoffs and overwhelmed the healthcare system.

U.S. Senate Majority Leader Mitch McConnell said lawmakers were still looking for a path toward an agreement on COVID-19 aid, as the U.S. House of Representatives prepared to vote on a one-week funding bill to provide more time for a deal.

"We have been in a significant tug-of-war between vaccine news and virus news, and the vaccine news has won," said Art Hogan, chief market strategist at National Securities in New York.

"The tie-breaker in that tug of war has certainly been the potential for stimulus getting out of this Congress before they head home for the holiday," he added.

Unofficially, the Dow Jones Industrial Average fell 90.88 points, or 0.3%, to 30,083, the S&P 500 lost 26.95 points, or 0.73%, to 3,675.3 and the Nasdaq Composite dropped 237.68 points, or 1.89%, to 12,345.10.

Positive updates on the COVID-19 vaccine development along with hopes for a fresh fiscal stimulus package have helped fuel a rise in Wall Street's main indexes to all-time highs, with the S&P 500 surpassing 3,700 points for the first time on Tuesday.

Facebook shares extended declines late in the session after the U.S. Federal Trade Commission and nearly every U.S. state sued the social media company on Wednesday, saying that it broke antitrust law and should potentially be broken up. The news weighed on other mega cap names such as Alphabet (NASDAQ:GOOGL) and sent the NYSE FANG+ ETF down about 2%.

With overall valuations now at extremely high levels, some investors worry stocks could be more vulnerable to any bad news such as unexpected setbacks in the roll-out of coronavirus vaccines or delays in stimulus.

Two allergic reactions were reported on the first day of the rollout of the Pfizer (NYSE:PFE) COVID-19 vaccine, the head of Britain's medicine regulator said on Wednesday.

DoorDash Inc opened at $182 after pricing at $102 per share in its debut on Wednesday after the food delivery startup raised $3.37 billion in one of the biggest U.S. stock market launches so far in 2020.

Home improvement chain Lowe's (NYSE:LOW) Cos Inc jumped after announcing a new $15 billion share repurchase plan.

Drugmaker Eli Lilly (NYSE:LLY) climbed after flagging positive data from a late-stage clinical trial for its experimental drug designed to treat type 2 diabetes.[nL4N2IP3AS]

Wall Street ends lower on stimulus uncertainty, Facebook weighs
 

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Comments (29)
Daniel Lu
Daniel Lu Dec 09, 2020 3:56PM ET
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Stimulus isn’t a BS topic or haunted like ghost, lol
Peter Vardjan
Peter Vardjan Dec 09, 2020 2:37PM ET
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https://www.rt.com/usa/509081-pfizer-vaccine-fda-bells-palsy-covid/
fu billie
fu billie Dec 09, 2020 2:20PM ET
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Writer probably got his or her all time high from strong stuff while market is in deep red
Squarefeet Exhibition
Squarefeet Exhibition Dec 09, 2020 2:16PM ET
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atleast 15% Down should be there to come to reality
Squarefeet Exhibition
Squarefeet Exhibition Dec 09, 2020 2:15PM ET
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atleast 15% Down should be there to come to reality
Green Mango
Green Mango Dec 09, 2020 2:14PM ET
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The reality of sketchy vaccines is slowly being leaked to the public, despite Google's best efforts to censor
Leon Kelly
Leon Kelly Dec 09, 2020 2:04PM ET
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Man .. TSLA has been begging for a short. thanks Congress!
fu billie
fu billie Dec 09, 2020 2:01PM ET
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lol all in red and article saying all time high.
Blunder Buss
Blunder Buss Dec 09, 2020 1:28PM ET
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all time high? are you blind?, look at it even just stimulus talks make it worse!, nasdaq get and s&p 500 getting clapped hard
ishak ahmad
ishak ahmad Dec 09, 2020 1:26PM ET
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Stimulus as+es always,, full of S ,,, always crash boom bang while waiting for Stimulus Sheet
Styr Lotus
Styr Lotus Dec 09, 2020 1:25PM ET
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Does Wall Street celebrate US 350.000 deaths for Christmas ?
Ed Smith
Ed Smith Dec 09, 2020 1:25PM ET
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You need to look at CDC total deaths in the past several years. There is barely any change for 2020. Deaths have always happened, just now being attributed to something new instead. Makes better news that way.
Styr Lotus
Styr Lotus Dec 09, 2020 1:25PM ET
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Ed Smith  No, I'm talking about ONLY Covid-19 deaths in the USA. We are close to 300.000 today, probably 350.000 at the end of december with more than 200.000 new cases per DAY and intensive care units full loaded. People are not serious at all over here. https://www.worldometers.info/coronavirus/?#countries
Styr Lotus
Styr Lotus Dec 09, 2020 1:23PM ET
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Does Wall Street celebrate 350.000 deaths for Christmas ?
Mojo Snake
Mojo Snake Dec 09, 2020 1:23PM ET
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Ha ha ha this article is hilarious, well all indexes are falling off a cliff so HOPE isn't working maybe we can start making headlines that involve Praying since hope is no longer good fuel for the market.  OK everyone lets switch the algos to PRAY now.  That's always been a good trading strategy.
Luis dominguez
Luis dominguez Dec 09, 2020 1:08PM ET
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My wife left me
Ritik Soni
Ritik Soni Dec 09, 2020 1:08PM ET
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make short let everyone feel that pain
Matt Kay
Matt Kay Dec 09, 2020 12:53PM ET
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Can we have 30% crash please?
Squarefeet Exhibition
Squarefeet Exhibition Dec 09, 2020 12:53PM ET
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i am with you...
Pradeep Kannaiah
Pradeep Kannaiah Dec 09, 2020 12:50PM ET
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Really
António Silveira Sérgio
António Silveira Sérgio Dec 09, 2020 12:49PM ET
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Oh great news... nasdaq futures falling off the cliff 200 points... I love this news. At the end of the day... ohh... there was some ****going on... news with 6 hours of delay. Just great...
jb jb
jb jb Dec 09, 2020 12:49PM ET
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All in red. ?
Mani Kr Bhushan
Mani Kr Bhushan Dec 09, 2020 12:33PM ET
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We can see the big correction.
Pradeep Kannaiah
Pradeep Kannaiah Dec 09, 2020 12:21PM ET
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After trump tweet sell off triggered
Mr Mawi
Mr Mawi Dec 09, 2020 12:17PM ET
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Maybe Im wrong but all my charts are negative at the moment.. no all time highs
Samui Lo
Samui Lo Dec 09, 2020 12:03PM ET
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Can you just write hits all time high on irrationality for once instead of this "Hope" nonsense
James Bell
James Bell Dec 09, 2020 11:58AM ET
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double the fun...stimulus and vaccine hopes at the same time!
la popeye
la popeye Dec 09, 2020 11:51AM ET
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https://www.usdebtclock.org/#
la popeye
la popeye Dec 09, 2020 11:51AM ET
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looks like all agree of the ponzi..the biggest bubble initiated in 2010 !!!
 
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