- Stocks ended near their lows of the day Monday, falling for the first time in four sessions, ahead of what is set to be a major week of risk events.
- Macy's is Real Money's Stock of the Day. Analysts at Goldman Sachs lowered their rating on the struggling retailer.
Merck will acquire oncology specialist ArQule in a $2.7 billion deal that marks the latest in a string of takeovers in the cancer drug sector.
Stocks ended near the day's lows Monday, with equities slipping for the first time in four sessions, ahead of what is set to be a major week of risk events.
The Dow Jones Industrial Average declined 105 points, or 0.38%, to 27,909, the S&P 500 fell 0.32% and the Nasdaq was down 0.4%.
The Federal Reserve will meet Tuesday and Wednesday for its final session of the year. Christine Lagarde will chair her first meeting as president of the European Central Bank on Thursday. That same day, voters in Britain will head to the polls for their third national election in four years with the aim of delivering a majority government that can unlock the country's current Brexit deadlock.
In addition, House Democrats could vote on articles of impeachment against President Donald Trump this week.
Each of these events precedes what could be a significant increase in U.S. tariffs on China-made goods on Dec. 15, which will include around $160 billion in consumer items such as toys and cellphones, should President Donald Trump go forward with them.
The mid-December tariff deadline comes amid a protracted slowdown in China exports, which fell for a fourth consecutive month in November, narrowing China's trade surplus with the United States to around $24.6 billion.
Merck (MRK) - Get Merck & Co., Inc. (MRK) Report will acquire oncology specialist ArQule (ARQL) - Get ArQule, Inc. Report in a $2.7 billion deal that marks the latest in a string of takeovers in the cancer drug sector. Merck fell slightly while ArQule jumped nearly 104% to $19.70.
Bristol-Myers (BMY) - Get Bristol-Myers Squibb Company Report shares rose 2.3% Monday to $61.31 after the company said a new cancer treatment, which it acquired through its $74 billion takeover of Celgene, had solid results from an early clinical trial.
Amazon.com (AMZN) - Get Amazon.com, Inc. Report filed an official complaint with the U.S. Court of Federal Claims in Washington alleging that President Trump exerted “improper pressure” during the bidding process for the JEDI Pentagon contract, which was awarded to Microsoft (MSFT) - Get Microsoft Corporation (MSFT) Report.