Stocks finished lower Monday as Wall Street came off record highs that were driven by optimism over the potential for a near-term coronavirus vaccine and relief for the struggling U.S. economy.
The Dow Jones Industrial Average on Monday finished down 271 points, or 0.91%, to 29,638, the S&P 500 dropped 0.46% and the Nasdaq eased 0.06%.
For the month the Dow industrials leaped 11.8%, the S&P 500 gained 10.8% and the Nasdaq Composite also tacked on 11.8%. The Dow had its best monthly performance since January 1987, CNBC reported.
Moderna said late-stage-trial data of the vaccine demonstrated a 94.1% efficacy rate. Additionally, Moderna said the vaccine showed a 100% effectiveness rate against severe forms of the respiratory virus.
Salesforce.com (CRM) - Get Report, a Dow component, slipped 0.7% following a report that its deal to acquire Slack Technologies (WORK) - Get Report could be announced as soon as Tuesday after the markets close.
The S&P 500 closed at a record high Friday, while the Nasdaq notched its 45th record close of the year on Friday.
The stock market gains have come despite a number of countries, including the U.S., witnessing a resurgence of coronavirus cases.
The U.S. has more than 13.49 million confirmed cases, according to Johns Hopkins University, and 267,600 Americans have died from Covid-19, the disease caused by the virus.
The country logged 155,596 new cases and 1,189 new deaths on Saturday alone, and Dr. Anthony Fauci, the nation’s top infectious disease expert, warned Americans to brace for even more new infections.
"What we expect, unfortunately, as we go for the next couple of weeks into December, is that we might see a surge superimposed upon that surge that we're already in," said Fauci in an interview with NBC News' "Meet the Press."
Oil prices slipped Monday as the OPEC nations, led by Saudi Arabia, will be meeting virtually on Monday. They are expected to extend production cuts well into the new year.
Reports suggested that the current production-cut agreement, which has been taking 7.7 million barrels of oil from the market each day, would be extended until at least March.
West Texas Intermediate crude, the U.S. benchmark, fell 1.54% to $44.83 a barrel.
S&P Global (SPGI) - Get Report reached a deal to acquire fellow financial data provider IHS Markit (INFO) - Get Report for about $44 billion. At that price, the deal is the largest of the year so far.
Meanwhile, online spending on Black Friday rose 21.6% to $9 billion, according to data from Adobe Analytics, as consumers concerned about the coronavirus shopped the internet and avoided brick-and-mortar retailers.
Cyber Monday is expected to be the largest digital sales day ever in the U.S., said Adobe, with sales estimated at between $10.8 billion and $12.7 billion.