logo
logo
Sign in

US Markets Shakes After the Announcement from New York City Mayor

avatar
Jennie Miller

The US equity markets ended with a mixed session after New York City Mayor Bill de Blasio warned the city could see a full shutdown in the weeks ahead due to a surge in COVID-19 infections and as OPEC cut its oil demand forecast. De Blasio informed CNN and said, “We’re seeing the kind of level of infection with the coronavirus we haven’t seen since May and we have got to stop that momentum – or else our hospital system will be threatened”. Boston Mayor Marty Walsh separately announced the city is rolling back to Phase 2, Step 2 effective Wednesday. It will close gyms and fitness centers, along with theaters and museums, for around three weeks. The Dow Jones Industrial Average ended down over 186 points or 0.62%, paring an early gain of as much as 270 points that came as the first batch of COVID-19 vaccines delivered and as bipartisan stimulus deal talks showed signs of progress.

The S&P 500 also fell, ending 0.44% lower as energy stocks tumbled after OPEC trimmed its 2021 demand forecast by 350,000 barrels per day. The cartel sees demand rising by 5.9 million BPD next year to 95.89 million. Tesla Inc., which will be added to the S&P 500 on Friday, was among the index’s leaders. In vaccine news, a health care worker in New York State on Monday became the first American to receive the Pfizer/BioNTech COVID-19 immunization. The vaccine will be delivered by FedEx Corp. to 145 U.S. hospitals Monday, followed by another 425 on Tuesday and 66 on Wednesday. Health and Human Services Secretary Alex Azar told FOX Business 100 million people could be vaccinated by February.

The British drug-maker AstraZeneca PLC agreed to buy U.S. biotech Alexion Pharmaceuticals for $39 billion in cash and stock. Alexion shareholders will receive a 45% premium to Friday’s closing price. Private-equity firm Vista Partners agreed to buy learning-software company Pluralsight Inc. for $3.5 billion cash, or a 25% premium to where shares settled on Friday. Electronic Arts Inc. swooped in to buy UK-based racing game developer Codemasters in a $1.4 billion deal a month after rival Take-Two Interactive struck a $971 million agreement. Virgin Galactic Inc. shares were sharply lower after the company’s test flight conducted on Saturday failed to reach space as planned. The company said a rocket motor did not fire due to the ignition sequence not completing. West Texas Intermediate crude rose 0.42 cents to $46.99 per barrel, while gold slid $11.10 to $1,828.70 an ounce.

 

collect
0
avatar
Jennie Miller
guide
Zupyak is the world’s largest content marketing community, with over 400 000 members and 3 million articles. Explore and get your content discovered.
Read more