The Leuthold Group Chief Investment Strategist Jim Paulsen discusses mega-cap growth stocks and cyclicals.
U.S. stock futures were under pressure Friday morning amid concerns a deal on a COVID-19 stimulus package won’t materialize until after the holidays.
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Dow Jones Industrial Average futures were down 181 points, or 0.6%, while S&P 500 futures and Nasdaq futures were weaker by 0.69% and 0.66%, respectively.
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.
Pfizer Inc. and BioNTech SE shares were higher Friday morning 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.
Walt Disney Co. forecast 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.
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.
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.
In earnings, Costco Wholesale Corp. reported earnings and revenue that exceeded forecasts as digital sales surged 86% year-over-year.
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 slipped 14 cents to $46.64 per barrel while gold was down 40 cents at $1,837 an ounce.
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European markets were trading lower across the board with Germany’s DAX 30 weaker by 1.81%, France’s CAC 40 down 1.11% and Britain’s FTSE 100 lower by 1%.
In Asia, Hong Kong’s Hang Seng index advanced 0.36% while Japan’s Nikkei 225 slid 0.39% and China’s Shanghai Composite fell 0.77%.
