Daily Market Color December 9, 2020Stalled Stimulus Talks Push Stocks Lower Stalled stimulus talks pull equities lower With Congress still unable to agree on the size and scope of the stimulus deal, major indices closed lower on the day – the S&P 500 and DJIA falling 0.8% and 0.3% respectively. The Nasdaq declined 1.9%, the biggest decline in a month. Treasury yields and swap rates traded in a tight range throughout the day, with the 10-year UST yield climbing a mere 2 bps to 0.94%. Stimulus negotiations are still deadlocked Bipartisan lawmakers released a more detailed framework of their $908 billion proposal, which includes funding for education, health care, small businesses, and transportation. The proposal fails to bridge gaps between the two parties regarding a business liability shield and state and local funding. JOLTS data reveals job openings rose in October Openings rose to 6.652M from 6.494M in September. The majority of openings were in the healthcare and social assistance industries. Despite the rise, the report also showed an uptick in layoffs, though the majority was due to the discharge of temporary Census 2020 workers. Key events happening tomorrow The ECB will release any policy changes and decide whether to expand its bond-buying program. The FDA will also meet to discuss Pfizer’s vaccine and could approve its distribution. Initial jobless claims from last week are expected to rise to 724,000 from 712,000. November’s CPI is expected to rise 0.1%.