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 the strong stock-market debut for food-delivery company DoorDash which may set the tone for future IPOs this year.

Ticker	Security	Last	Change	Change %
SP500	S&P 500	7691.76	-53.30	-0.69%
I:DJI	DOW JONES AVERAGES	53343.4	-116.38	-0.22%
I:COMP	NASDAQ COMPOSITE INDEX	26289.711088	-355.20	-1.33%

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

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

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As lawmakers grapple over the details 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.

Ticker	Security	Last	Change	Change %
PFE	PFIZER INC.	27.25	+0.38	+1.41%
BNTX	BIONTECH SE	92.75	+1.15	+1.26%

Britain’s national health regulator warned people with serious allergies should not receive the Pfizer/BioNTech COVID-19 immunization after two recipients with a history of allergic reactions reported adverse effects.

Ticker	Security	Last	Change	Change %
AAL	AMERICAN AIRLINES GROUP INC.	14.05	-0.38	-2.63%
UAL	UNITED AIRLINES HOLDINGS INC.	118.72	-3.54	-2.90%

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

DoorDash Inc. opened for trading at $182 per share, up 78% from the $102 where shares priced on Tuesday evening that valued the company at $38.7 billion on a fully-diluted basis. The stock ended the day at $189.51.

Ticker	Security	Last	Change	Change %
DASH	DOORDASH INC.	216.35	+3.63	+1.71%

Facebook Inc. shares ended off their worst levels of the day after 48 states filed a lawsuit accusing the social media company of engaging in anticompetitive behavior.

Ticker	Security	Last	Change	Change %
FB	PROSHARES TRUST S&P 500 DYNAMIC BUFFER ETF	45.05	-0.00	-0.01%

Meanwhile, Zoom Video Communications was downgraded to “neutral” from “overweight” at JPMorgan due to its lofty valuation. The investment bank did however hike its price target by $25 to $450 per share.

Ticker	Security	Last	Change	Change %
ZM	ZOOM COMMUNICATIONS INC.	104.71	-0.85	-0.81%
CHWY	CHEWY INC.	23.04	+0.91	+4.11%
GME	GAMESTOP CORP.	17.95	-0.45	-2.45%

Looking at earnings, online pet retailer Chewy Inc. raised its sales outlook for the final quarter of the year after sales surged 45% in 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 crude oil slipped 8 cents to $45.52 per barrel and gold dropped $36.20 to $1,834.60 per ounce.

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European markets ended mixed with Germany’s DAX up 0.47%, Britain’s FTSE ticking up 0.08% and France’s CAC down 0.25%.

In Asia, China’s Shanghai Composite index slid 1.12% after consumer prices in the country fell 0.5% year-over-year in November, making for the first decline in 11 years. Elsewhere, Japan’s Nikkei added 1.33% and Hong Kong’s Hang Seng edged up 0.75%.