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Stocks Drop on Report That Flynn Will Testify About Trump

All three benchmark U.S. indexes dropped by more than 1% following reports that Lt. Gen. Michael Flynn is prepared to testify about Trump.

Stocks were lower following reports that retired Lt. Gen. Michael Flynn has promised "full cooperation" with the special counsel investigating Russian interference during the 2016 election. He pleaded guilty on Friday to charges of giving false statements to the FBI.

Prior to the news about Lt. Gen. Flynn, stocks fluctuated as Senate Republicans made some progress in getting their tax bill over the finish line. The chances of the bill's passage looked more certain after prominent holdouts Sens. Steve Daines, Ron Johnson and John McCain voiced support for the legislation. Daines and Johnson became a "yes" vote after Senate leaders agreed to increase the deduction available for pass-through income.

Ford Motor Co. (F) - Get Ford Motor Company Report stock was in focus after the automaker reported that sales in November were up 6.7% year over year. Ford's SUVs recorded their best November sales period in 17 years. Meanwhile, General Motors sales for the month of November fell 2.9%.

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Shares of Blue Apron Holdings Inc. (APRN) - Get Blue Apron Holdings, Inc. Class A Report were higher after naming its Chief Financial Officer Brad Dickerson as its new CEO, freeing up current CEO Matt Salzberg to step into the executive chairman role. The meal delivery kit service is now looking for a CFO.