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Stocks fell for the first time in four sessions on Monday as investors took a pause after a sharp rally in the previous session.
The Dow Jones Industrials doffed 105.32 points to 27,909.74, for its first decline in four days. Apple fell 1.4% to lead the Dow lower.
The S&P 500 slouched 9.95 points to 3,135.96
The NASDAQ skidded 34.7 points to 8,621.83.
In corporate news, Sanofi will acquire biotech company Synthorx for $2.5 billion, or $68 per share. The acquisition price represents a 172% premium from Synthorx’s close of $25.03 on Friday. The deal is expected to close in the first quarter of next year.
Virgin Galactic shares jumped more than 12% after an analyst at Morgan Stanley initiated them with an overweight rating, citing the company’s potential to disrupt the airline industry.
During Monday’s session, investor focus turned back to the prospect of a limited trade agreement between the U.S. and China, with less than a week to go before Washington is set to impose even more tariffs on Chinese goods.
China Assistant Commerce Minister Ren Hongbin said Monday the country hopes to make a deal with the U.S. “as soon as possible.” Ren’s comment came after data showed Chinese exports fell for a fourth straight month in November, potentially increasing pressure on China to make a deal.
Prices for the 10-Year U.S. Treasury gained a bit of ground, lowering yields to 1.83% from Friday’s 1.84%. Treasury prices and yields move in opposite directions.
Oil prices remained negative 19 cents at $59.01 U.S. a barrel.
Gold prices were unchanged at $1,465.10 U.S. an ounce.
