US stock markets dropped from record levels to open the week, the S&P 500 down 0.9% as Apple (NASDAQ: AAPL) gave up recent gains as it nears a US$3 trillion valuation.
The Nasdaq underperformed, falling by 1.4% on the back of a 5% fall in Tesla (NASDAQ: TSLA), which came after Elon Musk was announced as Time’s Person of the Year.
The Dow Jones finished the day 0.9% lower, hurt by drops in airline, cruise and hotel stocks as signs the Omicron variant may be seeing another surge in cases in the US.
This week sees some 20 central bank meet to discuss policy, the majority of which are seeking to balance significant accommodation, with the risk that they would be hiking rates into a slowing domestic economy.
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Harley Davidson demerges
Motorcycle brand Harley Davidson (NYSE: HOG) announced it would be demerging its electric motorcycle business via a SPAC, with shares gaining close to 5% on the news.
Pfizer acquires
Pfizer (NYSE: PFE) agreed to buy Arena Pharmaceuticals for US$6.7 billion, with the target company providing therapies to treat immune-inflammatory diseases. Pfizer shares finished the session nearly 5% higher.
US stock market movers
Here’s how other popular US stocks fared on Monday.
- Peloton (NASDAQ: PTON) up 7.3%
- Chewy (NYSE: CHWY) up 6.8%
- Moderna (NASDAQ: MRNA) up 5.8%
- Snapchat (NYSE: SNAP) down 5.3%
- Shopify (NYSE: SHOP) down 4.4%
- NVIDIA (NASDAQ: NVDA) down 6.7%
Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is expected to follow US markets lower at the open this morning. For a round-up of the latest news, check out my ASX 200 morning report.