Stocks on Target for Third Straight Day of Losses

U.S. stocks fell on Thursday, on pace for a third day of losses, as the outlook for a coronavirus stimulus deal remained uncertain.

The Dow Jones Industrial Average remained in the dungeon, 140.85 points to break for lunch Thursday at 28,373.15.

The S&P 500 fell 23.48 points to 3,465.19.

The NASDAQ folded 123.9 points, or 1.1%, to 11,644.83.

Third-quarter earnings are continuing to roll out. Morgan Stanley reported third quarter profit of $1.66 per share, exceeding the $1.28 estimate of analysts. It generated revenue of $11.7 billion on the back of strong trading, a billion dollars more than the estimate. Shares of Morgan Stanley advanced 1.5%.

Walgreens also posted a better-than-expected fourth-quarter profit, helped by higher sales at U.S. pharmacies. The drugstore chain said it expects profit to grow in single digits in 2021. Shares of Walgreens popped 3.6%.

Banking giants Goldman Sachs, Wells Fargo and Bank of America reported their latest quarterly results on Wednesday along with United Airlines. Goldman and Bank of America’s results topped analyst expectations. However, Wells Fargo and United fell short of estimates.

Investors are waiting for any sign a coronavirus aid deal is still possible. Treasury Secretary Steven Mnuchin told the media that he and President Donald Trump are committed to getting a stimulus deal done and that while it will be hard to get one done before the election, they will keep trying.

Worse-than-expected jobless claims also weighed on sentiment. The Labor Department said Thursday 898,000 new claims were filed for jobless benefits in the prior week, higher than a Dow Jones estimate of 830,000.

Prices for the 10-Year Treasury were higher, weighing yields to 0.72% from Wednesday’s 0.73%. Treasury prices and yields move in opposite directions.

Oil prices were down 67 cents at $40.37 U.S. a barrel.

Gold prices moved ahead $3.30 to $1,910.60