US STOCKS-Wall St set to drop as stimulus doubts resurface

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* Walt Disney jumps on new streaming targets
* Energy, financial, industrial sectors in the red
* UK Supreme Court enables class action against Mastercard
* Futures down: Dow 0.6%, S&P 0.7%, Nasdaq 0.7%

(Adds comment, updates prices)
By Shriya Ramakrishnan
Dec 11 (Reuters) - Wall Street was set to tumble on Friday
as delays over a new fiscal stimulus package and surging
coronavirus infections dented sentiment even as regulators moved
toward emergency use authorization of a COVID-19 vaccine.
With fresh business restrictions in many U.S. states and a
jump in weekly jobless claims, investors are counting on more
fiscal relief to sustain a nascent economic recovery.
But an agreement remains elusive and House Speaker Nancy
Pelosi on Thursday raised the possibility of 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."
Cyclical stocks, which stand to benefit from an economic
recovery, led declines in premarket trading on Friday, with
energy, industrial and financial sectors all lower.
Major banks Wells Fargo & Co WFC.N and JPMorgan Chase & Co
JPM.N slid about 1% each, while industrial bellwethers Boeing
Co BA.N and 3M Co MMM.N fell 0.4% and 0.6%, respectively.
Walt Disney Co DIS.N bucked the broader gloom and jumped
8%, as it announced a heavy slate of new shows for its streaming
services, including Marvel and Star Wars series on its
fast-growing Disney+ platform. Shares of rival streaming platform Netflix Inc NFLX.O
dropped about 1%, more than the rest of the core FAANG stocks
such as Amazon.com Inc AMZN.O and Apple Inc AAPL.O .
The benchmark S&P 500 .SPX and the blue-chip Dow .DJI
were set to snap a two-week winning streak as volatility .VIX
jumped to its highest in almost a month.
At 08:05 a.m. ET, Dow E-minis 1YMcv1 were down 178 points,
or 0.59%. S&P 500 E-minis EScv1 were down 24.75 points, or
0.67%. Nasdaq 100 E-minis NQcv1 were down 80.75 points, or
0.66%.
Global stock markets were also subdued after scaling record
highs earlier this week as the UK became the first country in
the world to begin a mass COVID-19 vaccination program.
MKTS/GLOB
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 climbed 1.7%.
Qualcomm Inc QCOM.O fell 3.8%, 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. Mastercard Inc MA.N dropped 1.7% after the UK Supreme
Court gave the green light for an $18.5 billion class action
against the company for allegedly overcharging more than 46
million people in Britain over a 15-year period.