US stocks climb as investors await signs of stimulus progress

• US stocks climbed on Wednesday as investors waited for news on stimulus talks.
• House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin failed to reach a deal before a Tuesday deadline and now aim to finalize an agreement before the weekend.
• Pelosi told reporters she remained hopeful that a compromise could be reached. But the White House chief of staff, Mark Meadows, told CNBC that both parties “still have a ways to go.”
• Oil futures sank on reports that US crude inventories climbed more than expected. West Texas Intermediate crude sank as much as 1.6%, to $40.80 per barrel.
• Watch major indexes update live here.

US equities climbed on Wednesday as investors waited for updates on stimulus-deal progress.

House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin missed a Tuesday deadline and continue to iron out differences on a massive round of fiscal support. The two are set to continue talks on Wednesday in hopes of reaching an agreement before the weekend.

The White House chief of staff, Mark Meadows, told CNBC that the administration and Democrats had recently made “good progress” but “still have a ways to go” before finalizing a deal. Pelosi told reporters on Tuesday she remained hopeful that Congress could pass a stimulus deal before Election Day.

Here’s where US indexes stood shortly after the 9:30 a.m. ET market open on Wednesday:

• S&P 500: 3,461.48, up 0.5%
• Dow Jones industrial average: 28,411.38, up 0.4% (103 points)
• Nasdaq composite: 11,597.02, up 0.7%

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Disagreements over a relief bill are still significant. The White House recently offered a $1.8 trillion measure, coming in well below Democrats’ $2.2 trillion package.

But Senate Republicans have balked at a trillion-dollar price tag and aren’t likely to bring either to a vote. Democrats blocked Republicans’ $500 billion proposal in the Senate on Tuesday, leaving both parties trapped in stimulus limbo.

Wednesday’s tepid session followed a mild upswing in Tuesday trading after Pelosi’s encouraging remarks. Investors largely shrugged off the government’s antitrust lawsuit against Google and stayed hopes for a near-term stimulus breakthrough.

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Netflix dragged on indexes after its third-quarter report missed Wall Street expectations. Quarterly subscriber additions of 2.2 million fell below the 3.3 million estimate, and profit was similarly disappointing.

Earnings season will only get busier on Wednesday. Companies reporting quarterly figures include Tesla, Chipotle, Verizon, and CSX.

Spot gold gained as much as 1%, to 1,926.35, at intraday highs. The US dollar sank against peers, and Treasury yields climbed.

Oil futures declined on reports that US crude stockpiles increased last week. West Texas Intermediate crude sank as much as 1.6%, to $40.80 per barrel. Brent crude, oil’s international benchmark, fell 2%, to $42.31 per barrel, at intraday lows.

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