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Stocks fell slightly on Wednesday as House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin continued their negotiations on a new fiscal stimulus package.
The Dow Jones Industrials slumped 97.97 points to end Wednesday at 28,210.82.
The S&P 500 faded 7.56 points to 3,435.56.
The NASDAQ slid 31.8 points to 11,484.69.
Pelosi said she hoped both sides can resolve the "appropriations piece" of the coronavirus aid bill later in the day.
Her comments came after White House chief of staff Mark Meadows said Tuesday that Pelosi and Mnuchin have made “good progress” on stimulus talks. He added, however, that they "still have a ways to go" before an agreement is reached.
Netflix shares fell nearly 7% after the company reported disappointing earnings and reported fewer-than-expected subscriber additions. Goldman Sachs and Boeing were the worst-performing Dow members, falling 2.5% and 2%, respectively.
Those declines were somewhat mitigated by a 28.3% jump in Snap shares. The social media company’s stock rallied on the back of on stronger-than-expected results for the previous quarter. Snap’s surge pushed the stock to an all-time high and lifted Facebook,
Twitter and Alphabet.
Facebook closed 4.2% higher and Twitter gained 8.4%. Alphabet shares advanced 2.3%. A Deutsche Bank analyst said in a note that Snap’s results implied a “bonanza for online advertising.”
Prices for the 10-Year Treasury retreated, lifting yields to 0.82% from Tuesday’s 0.79%. Treasury prices and yields move in opposite directions.
Oil prices let go of $1.67 at $40.03 U.S. a barrel.
Gold prices climbed $12.30 to $1,927.70
