Monday Stock Market Overview
All of the major US indexes were in the green before selling off towards the end of the day, according to CNBC.
- The Dow Jones Industrial Average gained 10.50 points, or 4 basis points, to close at 26,085.80.
- The S&P 500 lost 0.94 percent to close at 3,155.22.
- The Nasdaq Composite lost 2.13 percent to close at 10,390.84.
Big tech shares had a down day. Microsoft closed down 3.09 percent while Facebook, Netflix, Alphabet, and Apple closed even lower. The S&P 500 turned positive year-to-date before giving back all of its gains and ending in the red. "No sentient human could look at some of the super-cap tech stocks and say the latest move wasn’t anything other than a momentum-driven melt-up rally,” said one trader.
Wall Street also got scared when California Governor Gavin Newsom ordered indoor operations for fitness centers, malls and places of worship, with many others, to shut down.
Pfizer and BioNTech SE were granted fast track designation by the FDA for two of the companies' four vaccine candidates. The joint venture announced plans to start vaccine trials later this month with 30,000 subjects.
Earnings season is upon us, starting with financials. JPMorgan Chase and Citigroup are set to report earnings Tuesday.