The daily business briefing: December 2, 2020

1. Black Friday, Cyber Monday sales fall

Sales slumped over the Black Friday weekend compared to the same period last year. About 186 million people bought something online or in stores from Thanksgiving through Cyber Monday, a slight dip from 190 million in 2019, the National Retail Federation said Tuesday. The average shopper spent $312 this year, down from $362 last year. The numbers over the weekend that marks the start of the holiday shopping season signaled possible trouble ahead due to the coronavirus pandemic. "It's going to be a tough holiday season for most retailers," said Paula Rosenblum, managing partner at RSR Research. "Target, Walmart, grocers, and sporting goods stores are cleaning up, but hundreds of thousands of independent retailers have already gone out of business. Things are going to get worse before they get better."

The Washington Post

2. U.K. approves Pfizer-BioNTech coronavirus vaccine for emergency use

Britain on Wednesday approved a COVID-19 vaccine developed by Pfizer and its German partner, BioNTech, for emergency use. The British government plans to roll out the vaccine starting next week. The record-fast approval came after Prime Minister Boris Johnson's government faced criticism for its handling of the coronavirus pandemic. The U.K. is the first Western nation to approve a coronavirus vaccine. Pfizer's applications to the United States and Europe are still pending. British Health Secretary Matt Hancock said he was "absolutely thrilled" and "very proud that the U.K. is the first place in the world to have a clinically authorized vaccine." China has approved three experimental vaccines and inoculated 1 million people since July. Russia has vaccinated frontline workers with its Sputnik V shot since August.

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Reuters

3. McConnell rejects bipartisan coronavirus relief proposal

Senate Majority Leader Mitch McConnell (R-Ky.) on Tuesday rejected a bipartisan coronavirus stimulus proposal valued at $908 billion. The joint proposal by members of the GOP-led Senate and the Democrat-controlled House had been seen as a sign of hope that the lame-duck Congress would be able to get much-needed help to individuals, businesses, hospitals, and local governments, among others, as coronavirus infections, hospitalizations, and deaths surge across the country. When asked about the proposal, McConnell said: "We just don't have time to waste time." He said coronavirus relief should be included in a spending bill that must be passed within days to avert a government shutdown. President-elect Joe Biden promised that "help is on the way" to people struggling financially due to the pandemic, and he urged Congress to "come together and pass a robust package."

CNBC Boston Herald

4. Salesforce to acquire Slack in $27.7 billion deal

Salesforce announced Tuesday that it will acquire workplace messaging app Slack in a $27.7 billion deal. News of the acquisition, Salesforce's largest since its founding, came after The Wall Street Journal reported on the advanced talks. Salesforce CEO Marc Benioff touted the purchase as "a match made in heaven," while Slack CEO Stewart Butterfield called this the "most strategic combination in the history of software." Slack has noted there has been a "significant increase in demand and usage" this year due to increased working from home during the COVID-19 pandemic, but analysts say it "faces heavy competition from Microsoft's Teams." The acquisition will still need approval from regulators.

The New York Times The Wall Street Journal

5. U.S. stock futures fall back after Tuesday's record-setting surge

U.S. stock index futures fell slightly early Wednesday after the S&P 500 and Nasdaq surged to record highs on Tuesday. Futures for the Dow Jones Industrial Average dropped by 0.3 percent several hours before the opening bell, while those of the S&P 500 were down by 0.1 percent. The Nasdaq was flat. The Dow rose by 0.6 percent on Tuesday. The S&P 500 and the Nasdaq jumped by 1.1 percent and 1.3 percent, respectively, as positive news about coronavirus vaccines continued to buoy the market. "The beginning of COVID-19 vaccinations is getting close, bringing 'buy on any dip' to the forefront," Jim Paulsen, chief investment strategist at the Leuthold Group, told CNBC. "After a weaker Monday session, Tuesday brought investors looking for an opportunity to increase risk-on exposures."

CNBC