US Market falls from record high

The US stock market retreated from record levels on Wednesday, 09 December 2020, as investors elected to book recent gains on disappointment over the halting progress of economic stimulus talks. At the close of trade, the Dow Jones Industrial Average index declined 105.07 points, or 0.35%, to 30,068.81. The S&P 500 index dropped 29.43 points, or 0.79%, to 3,672.82. The tech-heavy Nasdaq Composite Index dropped 243.82 points, or 1.94%, to 12,338.95.

US Senate Majority Leader Mitch McConnell said Democrats poured cold water on his offer to set aside some issues in an aid bill and rebuffed US Treasury Secretary Steven Mnuchin's US$916 billion proposal.

 

Investors are waiting for a Food and Drug Administration meeting scheduled to take place Thursday as the next step toward the likely authorization of the BioNTech and Pfizer Inc.'s experimental COVID-19 vaccine, which began to be distributed to vulnerable populations in the U.K. on Tuesday. A similar FDA meeting for Moderna Inc.'s vaccine candidate is set for Dec. 17.

Shares of Apple (-2.2%), Microsoft (-2%) and Salesforce (-3.2%) weighed on major indexes. Facebook shares dropped 1.9% after an antitrust lawsuit was filed against the company. Tesla shares slumped 7% after JPMorgan said the electric-car maker is dramatically overvalued. Chip stock Qorvo fell 5.6%. But Lowe's shares jumped 5.9% on a US$15 billion share buy-back plan. Food delivery app DoorDash (+85.8%) made its trading debut.

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