Here are the top news, trends, and analysis investors need to get their trading day started:
1. Dow is said to fall when stimulus conversation is interrupted
Traders work on the trading floor of the New York Stock Exchange.
Source: NYSE
The Dow Jones Industrial Average should open 150 points lower on Friday as Washington struggles to get a new Covid-19 stimulus package before year end outweighs Pfizer’s vaccine and moves one step closer to FDA emergency approval. On Friday morning, the FDA commissioner said the agency was “working quickly” towards such approval, an unusual announcement ahead of a final decision.
While the Dow and S&P 500 saw slight declines on Thursday and the Nasdaq saw slight gains, all three were chasing for a multi-week winning streak. However, en route to Friday trading on Wall Street, the Dow and S&P 500 were less than 1% off their record highs earlier this week, and the Nasdaq was 1.4% off its record high earlier this week.
2. The FDA says it is “quick” to approve Pfizer’s emergency vaccine
A Pfizer / BioNTech COVID-19 vaccine vial is expected to be administered on December 8, 2020 at the Royal Victoria Hospital in Belfast, Northern Ireland.
Liam McBurney | Pool | Reuters
With the FDA clearing the Pfizer-BioNTech Covid-19 vaccine for emergency use, the agency announced on Friday that it has “notified the United States Centers for Disease Control and Prevention and the Warp Speed of Operation with it they can carry out their plans for a timely distribution of the vaccine. “The FDA’s Vaccine Advisory Panel on Thursday recommended approval for the emergency. The FDA does not have to follow the advisory board’s recommendation, but the agency often does. US officials say they are ready to distribute the vaccine within 24 hours of approval. The FDA advisory panel will meet next week on whether to recommend the emergency use of Moderna’s vaccine, which, like Pfizer, requires two vaccinations.
3. GOP senators are unlikely to support bipartisan relief efforts
The U.S. Capitol building after a rainstorm on Capitol Hill in Washington, December 4, 2020.
Tom Brenner | Reuters
The House has adjourned until at least Tuesday, until any pandemic aid and state funding arrangements were made for the year as the efforts in any event remained elusive. According to NBC News, Senate Majority Leader Mitch McConnell’s staff advised negotiators that GOP Senators are unlikely to support a bipartisan $ 908 billion proposal. Meanwhile, a weeklong funding measure passed by the House must vacate the Senate before midnight to avoid a partial government shutdown.
4. Disney + subscribers now have nearly 87 million
The Disney + (Plus) logo is displayed on a smartphone.
Rafael Henrique | LightRocket | Getty Images
Shares in Dow stock Walt Disney rose more than 7% to $ 167 each on Friday before the market, a day after the entertainment giant announced that its Disney + streaming service now has 86.8 million subscribers. The company expects between 230 and 260 million Disney + subscribers by 2024. Disney announced a $ 1 price hike for Disney + in the US to $ 7.99 per month. The company launched a number of new streaming shows, including Marvel and Star Wars series for Disney + and drama series, as well as Kardashians content on Hulu. Disney hit an intraday all-time high of $ 157.46 per share on Wednesday.
5. Airbnb’s IPO rose over 112% on its first day of trading
The Airbnb logo will appear on the Nasdaq digital billboard in Times Square in New York on December 10, 2020.
I have Betancur | AFP | Getty Images
In a blockbuster week of IPOs, the Airbnb home rental market surged more than 112% on Thursday’s debut, after grocery delivery service DoorDash rose over 85% on its first day of trading on Wednesday. While both stocks returned a fraction of those gains on the Friday before going public, their market values were off the charts. Airbnb’s market capitalization of around $ 86.5 billion is well above that of the Marriott and Hilton hotel chains. DoorDash’s market cap of $ 59 billion as of Thursday’s close was nine times higher than competitor GrubHub.
– Associated Press and Reuters contributed to this report. Follow all developments on Wall Street in real time with CNBC Pro’s live market blog. Find out about the latest pandemics on our coronavirus blog.
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