Stocks Opened Mostly Lower on Rising Coronavirus Cases, Stimulus Concerns

U.S. stocks opened mostly on Friday, as concerns over rising coronavirus cases in Europe and prospects of fiscal stimulus gripped investors. The Dow Jones Industrial Average lately lost 48.59 points or 0.18%, to 26,766.85. The S&P 500 slipped 4.20 points, 0.13%, to 3,242.39. The Nasdaq Composite was up 7.92 points, or 0.07%, to 0,680.18.

Oil futures lost ground Friday, leaving both major benchmarks on track for their third weekly decline in four weeks as worries about the demand outlook grow in response to rising COVID-19 cases. West Texas Intermediate crude for November delivery fell 37 cents, or 0.9%, to $39.94 a barrel. December Brent was down 29 cents, or 0.7%, at $42.15 a barrel, while front-month November Brent fell 23 cents, or 0.5%, to $41.71 a barrel.

House Democrats on Thursday were preparing a $2.4 trillion aid package that includes a number of items seen having bipartisan support, including direct payments to households, the Paycheck Protection Program, a revival of a federal add-on to state unemployment benefits, as well as a renewal of aid to airlines and money to help restaurants stay open.

U.S. imports leapt 5.9% to a record in August, the first year-over-year rise since September 2019, according Panjiva, the supply chain research unit of S&P Global Market Intelligence. It said imports of household appliances jumped 79.7%, and furniture imports increased 38.1%, fueled by orders from retailers like IKEA and Target.