Stocks pulled back below their recent record levels on Wall Street Monday as the market’s momentum slows down following its best week since February. Technology, energy, and travel-related companies had some of the biggest losses. Nvidia, General Motors, and Devon Energy were among the biggest decliners in the S&P 500, the AP reports. The S&P 500 fell 43.05 points, or 0.9%, to 4,668.97. The Dow Jones Industrial Average fell 320.04 points, or 0.9%, to 35,650.95. The Nasdaq fell 217.32 points, or 1.4%, to 15,413.28.
Smaller company stocks fared worse than the broader market in a signal that investors are concerned about economic growth. The Russell 2000 shed 1.2%. A wide range of retailers that rely on direct consumer spending had some of the biggest losses. Ford fell 4.8% and Carnival dropped 4.9%. Sectors that are considered less risky, including utilities and household product makers, held up better than the rest of the market. Health care companies also gained ground. Several big pharmaceutical companies were standouts. Moderna climbed 5.8% for the biggest gain in the S&P 500. Pfizer rose 4.6% following news it is buying Arena Pharmaceuticals. Bristol Myers Squibb rose 4.8%.
Harley-Davidson rose 4.7% after saying it will take its electric motorcycle division public through a blank-check company. Investors will be monitoring several economic reports this week and the Federal Reserve to gain more insight into economic growth as 2021 comes to a close and the world continues to try and shake off the impact from COVID-19. Wall Street will get an inflation update on Tuesday when the Labor Department releases its Producer Price Index for November, which shows how inflation is impacting costs for businesses. That report will be especially important with the Fed meeting on Tuesday and Wednesday.
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