Search ForexCrunch
  • The Dow Jones Industrial Average added 0.3% and the S&P 500 was near flat.
  • The Nasdaq Composite was up by 0.2%.

Markets were buoyed by rising hopes of a US stimulus bill but were soured into the close as reports came in late in the day that Pfizer (PFE) is slashing half the COVID-19 vaccines it was targeting to ship this year.

“Scaling up the raw material supply chain took longer than expected,” a company spokeswoman said.

“And it’s important to highlight that the outcome of the clinical trial was somewhat later than the initial projection.”

  • Pfizer cut covid vaccine rollout target on supply-chain obstacles, risk-off

Meanwhile, the Senate Leader Mitch McConnell said he thinks a deal is in sight for a new round of fiscal stimulus to address the pandemic.

“Compromise is within reach. We know where we agree. We can do this,” he said, according to a CNBC report.

Subsequently, the Dow Jones Industrial Average climbed 0.3% to 29,969.52. The S&P 500 was near flat at 3,666.72 and the Nasdaq Composite put on 0.2% to 12,377.18.

Energy and real estate were among the best performing sectors while utilities and materials led the decliners.

US data

The US November ISM report showed renewed pressure on services firms as rising COVID-19 case numbers alter behaviour, analysts at ANZ Bank explained.

”Supply chains are also under pressure (like everywhere). Hiring picked up, though there are question marks about how well that will hold up over the coming few months as COVID-19 takes its toll. Weekly jobless claims fell by 75k, changing direction after two weeks of increases, but Thanksgiving seasonality is likely at play, so one shouldn’t necessarily take a signal of strength from it.”

S&P 500 Index 15-min chart