Disney leads Dow as S&P, Nasdaq slip

U.S. equity markets ended mixed amid concerns a deal on a COVID-19 stimulus package won’t materialize until after the holidays.

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Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 30046.37 +47.11 +0.16%
DIS WALT DISNEY COMPANY 175.72 +21.10 +13.65%

The Dow Jones Industrial Average rose 46 points with the help of Disney, which soared more than 13% and finsihed at an all-time high.

The Mouse House said its Disney+ streaming service will attract between 230 million and 260 million subscribers by 2024, more than triple the company’s previous outlook, but warned the platform would lose money until then.

Ticker Security Last Change Change %
SP500 S&P 500 3663.46 -4.64 -0.13%
I:COMP NASDAQ COMPOSITE INDEX 12377.872143 -27.94 -0.23%

The S&P 500 and the Nasdaq Composite posted modest losses of 0.1% and 0.2%, respectively.

Members of Congress passed a bill to fund the government for one more week as they attempt to hammer out a coronavirus relief package.

Senate Majority Leader Mitch McConnell, R-Ky., said on Thursday he would probably not support the $908 billion bipartisan proposal for COVID-19 relief, and instead favors a smaller package.

Meanwhile, House Speaker Nancy Pelosi, D-Calif., and Senate Minority Leader Chuck Schumer, D-N.Y., rejected the Trump administration’s $908 billion proposal for not including a federal jobless benefit supplement. Congress is tentatively scheduled to begin recess on Dec. 21.

Ticker Security Last Change Change %
PFE PFIZER INC. 41.11 -0.62 -1.50%
BNTX BIONTECH SE 127.30 -2.24 -1.73%

Pfizer Inc. and BioNTech SE shares were in focus after a U.S. Food and Drug Administration panel recommended the companies’ COVID-19 vaccine be approved for emergency use. A final decision could come as early as Friday and distribution would begin almost immediately.

Health and Human Services Secretary Alex Azar told FOX Business that Moderna will likely see its vaccine approved next week.

Ticker Security Last Change Change %
PFE PFIZER INC. 41.11 -0.62 -1.50%
BNTX BIONTECH SE 127.30 -2.24 -1.73%

A 14 billion British pound ($18.6 billion) class action lawsuit against Mastercard Inc. is allowed to proceed, according to the U.K. Supreme Court. The suit alleges the credit card company overcharged more than 46 million Brits over a 15-year period.

Ticker Security Last Change Change %
MA MASTERCARD INCORPORATED 327.42 -4.10 -1.24%

Ferrari N.V. CEO Louis Camilleri stepped down for personal reasons after almost 2.5 years at the helm of the luxury automaker. He will be replaced by Chairman John Elkann on an interim basis.

Ticker Security Last Change Change %
RACE FERRARI N.V. 214.89 +0.96 +0.45%

In earnings, Costco Wholesale Corp. reported earnings and revenue that exceeded forecasts as digital sales surged 86% year-over-year.

Ticker Security Last Change Change %
COST COSTCO WHOLESALE CORPORATION 375.10 +2.31 +0.62%
LULU LULULEMON ATHLETICA INC. 344.32 -24.75 -6.71%

Elsewhere, Lululemon Athletica Inc. said sales rose 22% from a year ago amid strong demand for its workout gear from online shoppers.

Looking at commodities, West Texas Intermediate crude oil edged up 31 cents to $46.57 per barrel while gold was higher by $3.90 cents at $1,839.80 an ounce.

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