Stocks ended mixed Monday as investors awaited details of a coronavirus relief package from Congress and weighed an increase in infection levels in the U.S.
The Dow Jones Industrial Average declined 148 points, or 0.49%, to 30,070, the S&P 500 fell 0.19% and the Nasdaq rose 0.45% to a closing record. Earlier in the session the tech-heavy Nasdaq recorded an all-time intraday high.
Intel (INTC) - Get Intel Corporation Report declined on a report that said Apple (AAPL) - Get Apple Inc. Report was aiming to introduce its latest series of microchips, which it designed in-house and targets to outperform those made by Intel, as early as the spring. Boeing (BA) - Get Boeing Company Report rose after UBS upgraded the jet maker to buy from neutral and doubled its price target on the stock to $300.
Lawmakers could publish details of their compromise relief bill Monday, although the $908 billion package must pass both the House and Senate before a Dec. 11 deadline for the funding of federal agencies.
A U.S. jobs report for November that showed a net jobs gain of only 245,000 - the weakest since May - as well as the ongoing rise of coronavirus infections, stay-at-home orders and hospitalizations have underscored the need for fresh stimulus heading into 2021.
Sen. Bill Cassidy, a Republican from Louisiana, said on “Fox News Sunday” that President Donald Trump and Senate Majority Leader Mitch McConnell would come “on board” with the $908 billion pandemic relief package. The plan, however, won’t include $1,200 in direct payments to most Americans.
Confirmed cases of the coronavirus across the world have risen above 67 million and deaths have risen to almost 1.54 million, according to data from Johns Hopkins University. The U.S. death toll is 282,345, the most in the world.
The U.K. will roll out the Covid-19 vaccine from Pfizer (PFE) - Get Pfizer Inc. Report and BioNTech (BNTX) - Get BioNTech SE Report on Tuesday, becoming the first country to do so. The Food and Drug Administration in the U.S. could approve the vaccine as early as Thursday.
Asian markets finished mostly lower Monday, while European stocks fell after the U.K. and the European Union failed to reach a trade agreement over the weekend.
Reports said 11th-hour Brexit talks had stalled and a make-or-break call between U.K. Prime Minister Boris Johnson and European Commission President Ursula von der Leyen was planned for later Monday.