U.S. equities were under pressure Monday, putting the Dow Jones Industrial Average at risk of narrowly missing its best monthly performance in almost 34 years.
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The Dow was trading down 370 points, or 1.25%, while the S&P 500 and the Nasdaq Composite were lower by 0.93% and 1.09%, respectively. Early gains ran the Nasdaq to an intraday record peak.
The Dow, meanwhile, will miss recording its best month since January 1987 if it falls at least 472.23 points to close below 29,438.14. The blue-chip index surged 13.8% during that month.
On the final trading day of the month, investors are taking profits in energy stocks, which are on pace to have a record month regardless. Consumer discretionary names also fell.
Looking at stocks, e-commerce marketplaces Amazon Inc. and Shopify Inc. as traders looked ahead to Cyber Monday results, which are expected to show the biggest online shopping day in U.S. history. The COVID-19 pandemic is expected to fuel as much as $12.7 billion of sales, according to Adobe Digital Insights, up from last year’s record $9.4 billion.
Elsewhere, drugmaker Moderna Inc. announced the Phase 3 trial of its experimental COVID-19 vaccine displayed a 94.1% efficacy rate and is filing for emergency-use authorization on Monday.
Moderna CEO Stephane Bancel told FOX Business the vaccine could become available within 24 hours after FDA approval.
TickerSecurityLastChangeChange %MRNAMODERNA INC.147.53+20.50+16.14%
Nikola Corp. shares were sharply lower after the company announced General Motors will not be taking an equity stake as previously planned nor will it be an original equipment manufacturer for the Badger electric pickup truck. GM will instead integrate its fuel cell technology into Nikola's zero-emission semi-trucks.
Looking at mergers, S&P Global will buy IHS Markit in a $44 billion deal, including debt. The deal, which is the largest of 2020, will pay IHS Markit shareholders 0.2838 S&P Global shares for each IHS Markit share they own.
TickerSecurityLastChangeChange %INFOIHS MARKIT LTD99.43+6.90+7.46%
Looking at commodities, West Texas Intermediate crude oil was trading down 44 cents at $45.09 per barrel as OPEC members and their allies weighed an extension of production cuts. Gold, meanwhile, was off $10.60 at $1,777.50 an ounce.
The Chicago purchasing managers’ index printed at 58.2, missing the 59.0 that was expected by analysts surveyed by Reinfitiv. Meanwhile, pending home sales slipped 1.1%, falling short of the 1% increase that was anticipated.
In Europe, Germany’s DAX 30 was trading higher by 0.16% while Britain’s FTSE 100 and France’s CAC 40 were lower by 0.55% and 0.48%, respectively.
Asian markets closed lower across the board with Hong Kong’s Hang Seng index down 2.06%, Japan’s Nikkei weaker by 0.79% and China’s Shanghai Composite index declining 0.48%.