US STOCKS-Wall St drops as stimulus delay weighs

(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
* Walt Disney jumps to record high on new streaming targets
* Energy and financials lead sectoral declines
* Qualcomm among biggest drags on S&P 500
* Indexes down: Dow 0.2%, S&P 0.3%, Nasdaq 0.4%

(Updates to open)
By Shriya Ramakrishnan
Dec 11 (Reuters) - Wall Street's main indexes slipped on
Friday, heading for weekly losses as doubts over more economic
stimulus dented sentiment, while data showing improved consumer
sentiment kept losses in check.
Nine of the 11 major S&P indexes were down in morning
trading, with energy .SPNY and financials .SPSY among the
biggest decliners on profit taking in economically sensitive
sectors, that have risen sharply recently on COVID-19 vaccine
optimism.
With daily coronavirus death tolls at alarming levels, fresh
business restrictions in many U.S. states and increasing
layoffs, investors are counting on more fiscal relief to sustain
a nascent economic recovery as most government aid has dried up.
However, alternating headlines on progress toward a stimulus
deal have kept investors on edge, after optimism over a working
vaccine pushed Wall Street's main indexes to record highs this
week.
House Speaker Nancy Pelosi on Thursday raised the
possibility of stimulus negotiations dragging on through
Christmas. "Investors are wondering what is it that Congress needs to
hear before they decide to act ... their focus is more on
politics than it is on the American economy," said CFRA Chief
Investment Strategist Sam Stovall.
"The economy is not getting stronger and it needs at least a
short-term shot in the arm."
While recent data has showed a faltering recovery in the
labor market, a survey from the University of Michigan on Friday
showed consumer sentiment improved more than expected in
November.
At 10:01 a.m. ET, the Dow Jones Industrial Average .DJI
fell 37.51 points, or 0.15%, to 29,961.75, the S&P 500 .SPX
lost 12.24 points, or 0.33%, to 3,655.86, and the Nasdaq
Composite .IXIC lost 46.68 points, or 0.37%, to 12,359.41.
The communication services index .SPLRCL remained a bright
spot, lifted by Walt Disney Co DIS.N . The media company hit a
record high on announcing a heavy slate of new shows for its
streaming services, including Marvel and Star Wars series on its
fast-growing Disney+ platform. The U.S. Food and Drug Administration said on Friday it was
working rapidly to issue an emergency use authorization for
Pfizer Inc's PFE.N COVID-19 vaccine, with the first Americans
set to be immunized as early as Monday or Tuesday. The U.S. drugmaker's shares, however, gave up premarket
gains and fell about 1%.
Qualcomm Inc QCOM.O fell 5.3% and was among the top
decliners on the benchmark S&P 500, following a Bloomberg News
report that Apple has started building its own cellular modem
for future devices, a move that would replace components from
the chipmaker. Declining issues outnumbered advancers for a 1.6-to-1 ratio
on the NYSE and a 1.3-to-1 ratio on the Nasdaq.
The S&P 500 posted six new 52-week highs and no new low,
while the Nasdaq recorded 163 new highs and three new lows.