(Reuters). – U.S. Stock Index futures declined on Friday as economically sensitive sections led declines ahead key readings about inflation and industrial activity. Meanwhile, the progress towards a bipartisan Infrastructure package remained in focus.

Oil companies include Exxon Mobil (NYSE: Chevron Premarket, Corp (NYSE 🙂 fell by 0.9% while banks were up by a lot Morgan Stanley (NYSE:), JPMorgan Chase & Co (NYSE:), Citigroup Bank of America (NYSE :), Bank of America (NYSE 🙂 Goldman Sachs Group (NYSE: ) Each dropped by 1%

Industrials Caterpillar Inc (NYSE:), Deere (NYSE:) & Co and Nucor Corp (NYSE 🙂 came under increasing pressure following the delaying of a scheduled vote by Democratic Leaders of the U.S. House of Representatives on Thursday regarding a $1 trillion bipartisan Infrastructure Bill.

This stock would be the best beneficiary of government infrastructure spending.

Wall Street closed sharply lower Thursday, and posted its worst month ever since the start of the global crisis. This was following a turbulent quarter and month that were marred by worries over COVID-19 and inflation fears, as well as budget negotiations in Washington.

For signs of economic health, all eyes will be on inflation, consumer spending and factory activity later in the day. These data can provide clues about the Federal Reserve’s timeline to taper its asset purchases or raise key interest rates.

While President Joe Biden approved a bill to fund the government until Dec. 3, congressional Democrats and Republicans continued to fight over increasing the debt limit beyond $28.4 Trillion to avoid a U.S. default.

At 6:21 AM. ET were down 163 point, or 0.48%. They were also down 17.25 points or 0.4% and down 48.75points, or 0.33%.

The S&P 500 on Thursday closed below its 100-day moving average (DMA), a closely watched technical indicator, for the first time since November 2020. The 100-DMAs of all three Wall Street major indexes have been breached.

Technology stocks with mega-caps fell just before the open bell.

The NYSEFANG+TM index which contains some of these stocks fell 3.7% between July and September. This broke its streak of five consecutive quarters with a win.

Merck & Co Inc jumped 4.7% after the drugmaker’s experimental oral drug for COVID-19, molnupiravir, reduced by around 50% the chance of hospitalization or death for patients at risk of severe disease in a study.