U.S. Stocks Slip from Records as Markets Eye Stimulus Talks

Wall Street stocks dipped from records early Friday as markets awaited resolution of a long-stalled economic relief package in Congress while the United States contends with a worsening coronavirus outbreak.

Markets were choppy early in the session after all three major indices closed at all-time highs on Thursday. 

Congressional leaders say they are close to a deal on a fiscal package, but reports caution that the process could slip into next week as they try to move past disagreements that have stymied progress for months.

About 20 minutes into trading, the Dow Jones Industrial Average was at 30,231.46, down 0.2 percent.

The broad-based S&P 500 shed 0.3 percent to 3,712.12, while the tech-rich Nasdaq Composite Index lost less than 0.1 percent at 12,762.15.

FedEx fell 4.1 percent after reporting that quarterly profits more than doubled to $1.2 billion behind booming e-commerce volumes. However, the delivery company declined to provide a forecast, citing uncertainty amid the coronavirus pandemic.

Tesla gained 3.1 percent ahead of its inclusion in the prestigious S&P 500 index, which will mean it is added to myriad trading vehicles.