US STOCKS-Wall St drops as stimulus delay weighs; Disney soars

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* Walt Disney marks biggest intraday pct gain since March
* Energy and financials lead sectoral declines
* Qualcomm among biggest drags on S&P 500
* Indexes down: Dow 0.5%, S&P 0.8%, Nasdaq 1.0%

(Adds comment, updates prices)
By Shriya Ramakrishnan and Medha Singh
Dec 11 (Reuters) - Wall Street's main indexes slipped on
Friday and were set to register their worst week since late
October, as doubts over fresh economic stimulus dented
confidence, even as regulators inched toward emergency use
approval of a COVID-19 vaccine.
A 13% jump in the shares of Walt Disney Co DIS.N helped
limit losses on the Dow .DJI , as the media company announced a
heavy slate of new shows for its streaming services and said it
expects as many as 350 million global subscribers by the end of
fiscal 2024. Ten of the 11 major S&P indexes were lower in afternoon
trading, with energy .SPNY and financials .SPSY among the
biggest decliners, while the communication services index
.SPLRCL remained a bright spot.
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. "The synchronized effort (fiscal and monetary policy) and
the vaccine should be a powerful combination to have a year of
meaningful economic expansion," said Marco Pirondini, U.S. head
of equities at Amundi Pioneer Asset Management.
At 11:46 a.m. ET, the Dow Jones Industrial Average .DJI
fell 134.01 points, or 0.45%, to 29,865.25, the S&P 500 .SPX
lost 28.87 points, or 0.79%, to 3,639.23, and the Nasdaq
Composite .IXIC lost 125.49 points, or 1.01%, to 12,280.32.
The U.S. Food and Drug Administration is expected to issue
an emergency use authorization for Pfizer Inc's PFE.N COVID-19
vaccine later in the day, the New York Times reported.
The U.S. drugmaker's shares, however, gave up premarket
gains and fell about 1.5%.
Qualcomm Inc QCOM.O fell 8% 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 1.9-to-1 ratio
on the NYSE and a 1.9-to-1 ratio on the Nasdaq.
The S&P 500 posted seven new 52-week highs and no new low,
while the Nasdaq recorded 227 new highs and 18 new lows.