The S&P 500 and NASDAQ Composite hit new records Thursday as Congress moved a little closer to agreeing on a $ 900 billion economic aid package.
Democratic leaders in Congress and White House officials are again trying to find a compromise on the economic aid package in the wake of the COVID-19 pandemic.
Negotiations on Capitol Hill continued after new data showed that the number of Americans applying for unemployment benefits jumped to a three-month high last week, well above estimates.
The volatility of the labor market and the closure of new businesses across the country amid rising coronavirus cases have put significant pressure on lawmakers to conclude an incentive deal.
Vaccines continue to be delivered despite a storm that covered the northeastern United States with heavy snowfall, with parts of central New York buried in snow. The US Food and Drug Administration (FDA) may approve emergency use of Moderna's vaccine on Friday.
Here are the events that could affect the market on Friday:
1. Darden and Nike earnings reports
The service industry was hit hardest by the pandemic as businesses were forced to close or restrict hotel stays to slow the spread of the virus. But some are doing better than others. Darden Restaurants, owner of Olive Garden and other restaurants, is expected to post 71 cents per share on $ 1.7 billion in sales.
At the same time, casual and sportswear brands have been doing well, as shop closures have forced consumers to buy online footwear and sportswear. Nike is expected to report earnings per share of 62 cents on $ 10.5 billion in revenue.
2. And again about vaccines
Investors cheered last week when the FDA approved the Pfizer and BioNTech vaccine for emergency use, after which states immediately began using it. Moderna will be in the spotlight on Friday.
Shares in the Cambridge drugmaker rose 5% Thursday in anticipation of the FDA's announcement of an emergency use. Its shares are up 634% this year.
3. Speaker of the Federal Reserve is expected to speak
At 11:00 ET (15:00 GMT) Friday, Federal Reserve Speaker Lael Brainard will speak on climate change and financial regulation. The performance will take place at the Center for American Progress.
Brainard has been an avid supporter of additional incentives to support households and businesses, urging Congress to act quickly. The Fed left interest rates unchanged this week and said it will support the economy until its recovery is complete.
