Trending FOX BUSINESS News: Stocks retreat from record highs as DoorDash IPO booms

Stocks retreat from record highs as DoorDash IPO booms

U.S. equity markets surrendered their early gains Wednesday as traders digested a setback in COVID-19 relief talks and therefore the strong stock-market debut for food-delivery company DoorDash which can set the tone for future IPOs this year. 

The Dow Jones Industrial Average fell 108 points, or 0.36%, while the S&P 500 slid 0.%8 and therefore the Nasdaq Composite was weaker by 1.94%. The losses came in any case three of the main averages hit intraday record highs. 

House Speaker Nancy Pelosi rejected the Trump administration’s proposed $916 billion packages that might send a $600 check to most Americans, but not included the $300 per week jobless benefit that was included during a bipartisan proposal. 

credits CNBC news youtube channel

As lawmakers grapple over the small print of a package, the approval of the Pfizer/BioNTech vaccine looms. The inoculation could receive emergency use authorization from the U.S. Food and Drug Administration as early as Thursday.

Elsewhere, airlines gave the first gains that developed after the Department of Transportation reported a 62% year-over-year drop by passengers in October, making for the littlest decrease since the onset of the pandemic.

Looking at earnings, online pet retailer Chewy Inc. raised its sales outlook for the ultimate quarter of the year after sales surged 45% within the three months ended Nov. 1.

GameStop Corp. reported comparable sales fell 25% as store closures caused by the pandemic and increased demand for digital downloads weighed. In commodities, West Texas Intermediate petroleum slipped 8 cents to $45.52 per barrel and gold dropped $36.20 to $1,834.60 per ounce.

via FOX BUSINESS NEWS Markets

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