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Stocks were falling Monday after a new strain of Coronavirus was identified in the U.K., prompting fresh travel restrictions. The decline comes even as Congress finalizes a fiscal stimulus package.
Futures on the
Dow Jones Industrial Average
were down 436 points, or 1.5%.
S&P 500
futures had fallen 1.9% and
Nasdaq Composite
futures had slid 1.3%.
A new strain of Coronavirus was identified in the United Kingdom, one that spreads faster than the original strain. This prompted European nations to enact new travel restrictions from the U.K. Delta Air Lines (DAL) fell 5%, while the other
U.S. Global Jets ETF
(JETS) was off 4.8%.
Congress finally agreed to a $900 billion fiscal stimulus deal, which allocated hundreds of billions of dollars to small businesses and households, while will get unemployment benefits and stimulus checks. This will enable people and businesses the liquidity needed to function once vaccines make reopening possible. One big concern Monday, though, is whether vaccines work for the new strain of Covid. So far, scientists say they will.
Here were some notable stop movers Monday:
Nike
(NKE) rose 5.7% after the company beat revenue and earnings per share estimates after Friday’s close. Nike reported a profit of 78 cents a share, beating forecasts for 63 cents, on sales of $11.2 billion, topping estimates for $10.1 billion.
Walmart
(WMT) shares rose 0.4% after RBC Capital Markets upgraded the stock to Outperform from Sector perform and lifted its price target to $170 from $153.
SolarWinds
(SWI) rose 4% even after Robert Baird downgraded the stock to Neutral from Outperform and lowered its price target to $15 from $24.
Tapestry
(TPR) fell 5% after HSBC downgraded the stock to Hold from Buy.
Microsoft
(MSFT) shares fell 1% despite getting upgraded to Buy from Neutral at Citigroup, which lifted its price target to $272 from $229.
Write to Jacob Sonenshine at [email protected]
