US Stock Market Overview – Stocks Close Mixed; Energy Leads S&P 500 Lower
Tesla shares slump on first trading day
U.S. stocks finished mixed, but were under pressure early in the session. News that the E.U. was banning U.K. flights to Europe generated a risk-off environment that initially weighed on U.S. stocks. The downward swing in U.S. equities came despite news that the U.S. Congress was planning to pass a 900-billion stimulus bill. As of the session’s close, the bill had still not passed in either House and had yet to be sent to President Trump. On Monday the Pfizer vaccine was approved for emergency use in the E.U., following Friday’s news that the Moderna vaccine was approved for emergency use in the U.S. Most sectors in the S&P 500 index were lower, led down by Energy and Utility shares. Financials bucked the trend. The upward movement in U.S. yields helped the financials break out.
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Tesla Slides on First Day in the S&P 500 Index
Telsa the electric-car maker’s shares, slumped 6.5% following Tesla’s addition to the S&P 500. The declines in Tesla, the sixth-largest company in the market-cap-weighted index, contributed less than one-tenth of a percentage point to the S&P 500’s slide.
Congress is Poised to Vote on Stimulus Bill
Congress prepared on a year-end stimulus package that included roughly $900 billion of relief for households and businesses battered by the coronavirus pandemic. The House is expected to vote first on a year-end compendium that includes the aid package, a $1.4 trillion spending bill that will fund the government through September, and many other measures, including an agreement to protect patients from surprise medical bills. The government’s current funding expires at midnight, putting lawmakers on the clock to finish drafting the legislative text of the final coronavirus-relief agreement and pass it through both chambers
