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A looming government shutdown over funding for President Donald Trump?s controversial border wall is likely to keep some traders on the sidelines.
The Republican-controlled House voted 217 to 185 in favor of a short-term spending bill late Thursday, although the bill includes $5 billion for the construction of the wall opposed by Democrats.
House Republicans took up the bill, which also provides $7.8 billion for disaster relief, after Trump said he would not sign a stopgap spending approved the Senate that did not include wall funding.
The Senate is not expected to pass a spending bill including wall funding, as Democratic votes would be needed to reach the 60-vote threshold.
The impasse comes as lawmakers face a midnight deadline to fund key government agencies such as the Department of Homeland Security, the State Department and the Interior Department.
In posts on Twitter, Trump sought to blame Democrats for the potential shutdown after previously saying he would be ?proud to shut down the government for border security," an issue that helped propel him to the White House.
?The Democrats, whose votes we need in the Senate, will probably vote against Border Security and the Wall even though they know it is DESPERATELY NEEDED,? Trump tweeted.
?If the Dems vote no, there will be a shutdown that will last for a very long time,? he added. ?People don?t want Open Borders and Crime!?
Extending the sell-off seen in recent sessions, stocks moved sharply lower over the course of the trading session on Thursday after showing a lack of direction early in the day. With the steep drops, the major averages once again tumbled to their lowest levels in over a year.
The major averages ended the day firmly in the red but off their lows of the session. The Dow plummeted 464.06 points or 2 percent to 22,859.60, the Nasdaq tumbled 108.42 points or 1.6 percent to 6,528.41 and the S&P 500 slumped 39.54 points or 1.6 percent to 2,467.42.
The continued weakness on Wall Street reflected several negative catalysts, including the increased risk of a partial government shutdown.
President Donald Trump told House Republicans he is unwilling to sign a short-term spending bill approved by the Senate due to a lack of funding for his controversial border wall.
"The president informed us he will not sign the bill that came from the Senate last evening because of his legitimate concerns for border security," House Speaker Paul Ryan, R-Wis., said after a meeting with Trump.
The Senate bill passed by a voice vote Wednesday night would fund key government agencies through February 8th but pushes a debate over funding for the border wall into the next Congress.
Trump's apparent unwillingness to sign the Senate bill comes as lawmakers face a December 21st deadline to fund key government agencies such as the Department of Homeland Security, the State Department and the Interior Department.
Renewed concerns about U.S.-China trade talks also weighed on the markets after the Justice Department announced the criminal indictment of two computer hackers associated with the Chinese government.
The unsealed indictment charges the two Chinese nationals with conspiracy to commit computer intrusions, conspiracy to commit wire fraud, and aggravated identity theft.
The defendants, identified as Zhu Hua and Zhang Shilong, are accused of conducting global campaigns of computer intrusions targeting, among other data, intellectual property and confidential business and technological information at managed service providers.
Deputy Attorney General Rod Rosenstein said Zhu and Zhang allegedly committed their crimes in association with a Chinese intelligence service known as the Ministry of State Security.
Traders also continued to digest Wednesday's rate hike by the Federal Reserve as well as the less dovish than hoped accompanying statement.
Raising concerns among some investors, the Fed indicated it plans to continue to raising interest rates despite signs of slowing economic growth.
Disappointing economic data has added to concerns about the Fed's plans, with a Labor Department report showing initial jobless claims rebounded in the week ended December 15th.
The report said initial jobless claims rose to 214,000, an increase of 8,000 from the previous week's unrevised level of 206,000. Economists had expected jobless claims to climb to 216,000.
A separate report from the Philadelphia Federal Reserve said manufacturing activity in the Philadelphia region continued to grow but remained subdued in the month of December.
The report said the diffusion index for current general activity dropped to 9.4 in December after tumbling to 12.9 in November.
While a positive reading still indicates growth in regional manufacturing activity, economists had expected the index to rise to 15.0.
Meanwhile, the Conference Board released a report shortly after the start of trading showing an unexpected increase in leading U.S. economic indicators in the month of November.
The Conference Board said its leading economic index rose by 0.2 percent in November after falling by a revised 0.3 percent in October.
Economists had expected the index to come in unchanged compared to the 0.1 percent uptick originally reported for the previous month.
"The LEI increased slightly in November, but its overall pace of improvement has slowed in the last two months," said Ataman Ozyildirim, Director of Economic Research at the Conference Board.
He added, "Solid GDP growth at about 2.8 percent should continue in early 2019, but the LEI suggests the economy is likely to moderate further in the second half of 2019."
Energy stocks showed a substantial move to the downside on the day amid a sharp pullback by the price of crude oil. Reflecting the weakness in the energy sector, the Philadelphia Oil Service Index plummeted by 4.9 percent, while the NYSE Arca Natural Gas Index and the NYSE Arca Oil Index tumbled by 2.8 percent and 2.5 percent, respectively.
Substantial weakness also emerged among retail stocks, as reflected by the 2.4 nosedive by the Dow Jones Retail Index. The index slumped to its lowest closing level in eight months.
Biotechnology, software, commercial real estate and chemical stocks also saw considerable weakness amid another broad-based sell-off on Wall Street.
Meanwhile, gold stocks were among the few groups to buck the downtrend, with the NYSE Arca Gold Bugs Index spiking by 5 percent after plunging by 5.8 percent in the previous session.
The rebound by gold stocks came as gold for February delivery surged up $11.50 to $1,267.90 an ounce after coming under pressure in electronic trading on Wednesday.
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After reporting a steep drop in new orders for U.S. manufactured durable goods in the previous month, the Commerce Department released a report showing a rebound in durable goods orders in the month of November.
The Commerce Department said durable goods orders climbed by 0.8 percent in November after plunging by 4.3 percent in October. Economists had expected durable goods orders to jump by 1.6 percent.
Excluding a notable rebound in orders for transportation equipment, durable goods orders fell by 0.3 percent in November after rising by 0.4 percent in October. Ex-transportation orders had been expected to edge up by 0.2 percent.
A separate Commerce Department report showed slightly slower than previously estimated U.S. economic growth in the third quarter, reflecting downward revisions to consumer spending and exports.
The report said real gross domestic product surged up by 3.4 percent in the third quarter compared to the previously estimated 3.5 percent jump. The pace of GDP growth had been expected to be unrevised.
At 10 am ET, the Commerce Department is scheduled to release its report on personal income and spending in the month of November.
Personal income and spending are both expected to rise by 0.3 percent in November after climbing by 0.5 percent and 0.6 percent, respectively, in October.
The University of Michigan is also due to release its revised report on consumer sentiment in the month of December at 10 am ET.
The consumer sentiment index for December is expected to be unrevised at 97.5, which was unchanged from the final November reading.
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Shares of Nike (NKE) are moving sharply higher in pre-market trading after the athletic footwear and apparel giant reported fiscal second quarter results that beat expectations on both the top and bottom lines.
Uniform rental company Cintas (CTAS) may also see initial strength after reporting better than expected fiscal second quarter results and providing upbeat full-year guidance.
Meanwhile, shares of CalAmp (CAMP) are seeing significant pre-market weakness after the wireless communications company reported fiscal third quarter earnings but weaker than expected revenues and provided disappointing fourth quarter earnings guidance.
Drugmaker Perrigo (PRGO) may also come under pressure after revealing Irish tax authorities are seeking approximately $1.9 billion in back taxes.
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European stocks are turning in a lackluster performance on Friday, as concerns over rising borrowing costs in the U.S., political brinkmanship in Washington and fears of a slowing global economy have dented investors' appetite for riskier assets.
While the German DAX Index has edged up by 0.2 percent, the French CAC 40 Index is just below the unchanged line and the U.K.?s FTSE 100 Index is down by 0.1 percent.
On a light day on the economic front, German consumer confidence is set to remain steady at the start of next year despite mounting global risks, market research group GfK said.
The forward-looking consumer confidence indicator is set to show a reading of 10.4 in January, unchanged from December. Economists had forecast a score of 10.3 for January.
Danske Bank has tumbled after issuing another profit warning. German automaker Volkswagen has also dropped on reports that it plans to eliminate about 7,000 jobs at its Hannover and Emden plants in Germany in the coming years.
Vodafone has also fallen after it decided to replace PricewaterhouseCoopers as auditors amid a legal dispute over the collapse of phone retailer Phones 4U.
On the other hand, online food delivery firm Delivery Hero SE has moved sharply higher. The company is selling its German food delivery businesses Lieferheld, Pizza.de and foodora to Takeaway.com.
Mining giant Anglo American has also advanced after resuming operations at its Minas-Rio iron ore operation in Brazil.
Plastics company RPC Group has also rallied after it extended a deadline for Apollo Global Management to make a firm bid for the company.
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Asian stocks fell broadly on Friday to extend recent losses, as growing worries over the prospects for the world economy prompted investors to shun equities and seek safe-haven assets.
Chinese stocks extended declines as President Xi Jinping's highly anticipated speech on four decades of reforms as well as fresh monetary support measures announced by the People's Bank of China failed to ease investor concerns over slowing economic growth.
The benchmark Shanghai Composite Index fell 20.02 points or 0.8 percent to 2,516.25, although Hong Kong's Hang Seng Index rose 129.89 points or 0.5 percent to 25,753.42.
Japanese shares extended losses to close at a fresh 15-month low as the yen held gains on safe-haven demand amid rising borrowing costs in the U.S., political brinkmanship in Washington and fears of a slowing global economy.
The Nikkei 225 Index tumbled 226.39 points or 1.1 percent to 20,166.19, the lowest closing level since September of last year. The broader Topix closed 1.9 percent lower at 1,488.19 ahead of a long holiday weekend.
Exporters Honda Motor, Nissan, Panasonic and Toyota Motor fell 1-3 percent, while banks Mitsubishi UFJ Financial and Sumitomo Mitsui Financial ended down over 2 percent.
According to media reports, Carlos Ghosn, the former Chairman of Nissan Motor Co Ltd., was re-arrested by Japanese prosecutors on new allegations of aggravated breach of trust. The new charges will help authorities extend his detention.
Meanwhile, Otsuka Kagu soared 30.4 percent on a Nikkei report the furniture retailer would partner with Beijing Easyhome.
Australian markets fluctuated before finishing at fresh two-year lows, as the oil sell-off deepened and U.S. President Donald Trump's demand for border wall funds hurled the federal government closer to a shutdown.
The benchmark S&P/ASX 200 Index dropped 38.20 points or 0.7 percent to 5,467.60 heading into the Christmas break. The broader All Ordinaries Index ended down 39.60 points or 0.71 percent at 5,533.30.
Origin Energy and Beach Energy lost 2-3 percent after oil prices tumbled 5 percent in the last session on concerns about oversupply.
On the other hand, gold miners jumped as the precious metal held its ground near a six-month high on safe-haven bids in the face of multiple headwinds facing the global economy. Evolution Mining rallied 2.9 percent, Newcrest advanced 1.8 percent and Northern Star climbed 3.7 percent.
Hospital operator Healthscope soared 5.8 percent after the company said the Canadian group's due diligence was "substantially complete." Mining giant BHP climbed 2.3 percent and Rio Tinto added 0.7 percent.
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Crude oil futures are falling $0.39 to $45.49 a barrel after plunging $2.29 to $45.88 on Thursday. Meanwhile, after jumping $11.50 to $1,267.90 an ounce in the previous session, gold futures are sliding $3.20 to $1,264.70 an ounce.
On the currency front, the U.S. dollar is trading at 111.17 yen compared to the 111.28 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.1409 compared to yesterday?s $1.1446.
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