US stocks head for 4th straight weekly decline as virus cases spike

• Major US stock indexes traded mixed on Friday and were on track for their fourth straight weekly decline as investors continued to focus on rising COVID-19 cases overseas and in the US.
• Putting additional pressure on equities is Congress' likely inability to pass another round of fiscal stimulus before the November election.
• Watch major indexes update live here.

Major US stock indexes traded mixed on Friday and were on track for their fourth straight week of declines as investors continued to focus on rising COVID-19 cases in the US and overseas, including surges in the UK and France.

On top of that, Congress' likely inability to pass additional stimulus measures before the November election has put pressure on equities and economic outlooks.

Goldman Sachs on Thursday lowered its fourth-quarter GDP estimates because of the lack of additional stimulus measures, and JPMorgan followed suit on Friday.

Here's where US indexes stood shortly after the 9:30 a.m. market open on Friday:

• S&P 500: 3,245.70, down 0.03%
• Dow Jones industrial average: 26,807.73, down 0.03% (8 points)
• Nasdaq composite: 10,685.60, up 0.1%

Read more: Northwestern Mutual's chief strategist told us the 6 market drivers he's watching most closely amid the volatility — and broke down where he's putting his money over the next 9-12 months

Surges in virus cases have refocused investor attention on COVID-19 vaccine stocks. Novavax surged on Friday after the company said it began a phase-three trial of its vaccine in the UK.

Goldman Sachs said on Friday that a COVID-19 vaccine would help drive a rebound in demand for air travel, estimating that many passenger airlines would return to pre-pandemic flight levels in 2023.

Despite weak price action in stocks throughout September, the IPO window remains open. Palantir is reportedly looking to go public next week at a valuation of $22 billion.

Gold fell as much as 0.8%, to $1,852.91 per ounce. The precious metal lost its key $1,900 support level earlier this week. US Treasuries traded mostly flat, while the US dollar traded slightly higher.

Oil prices were lower on Friday. West Texas Intermediate crude fell as much as 1.4%, to $39.75 per barrel. Brent crude, oil's international benchmark, fell 1%, to $41.52 per barrel, at intraday lows.

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