|I:DJI||DOW JONES AVERAGES||34023.19||+435.53||+1.30%|
|I:COMP||NASDAQ COMPOSITE INDEX||13101.691566||+70.01||+0.54%|
The Dow Jones Industrial Average fell 54 points, or 0.16%, while S&P 500 and Nasdaq Composite were lower by 0.02% and 0.36%, respectively. Both the Dow and the S&P finished at all-time highs on Friday as the Nasdaq escaped bear-market territory.
In M&A news, Nuance Communications is being acquired by Microsoft in a $19.7 billion deal, including debt. The all-cash transaction will pay Nuance shareholders $56 per share, a 23% premium to Friday’s closing price. The deal is the second-largest for Microsoft, behind its $26 billion purchase of LinkedIn in 2016.
|NUAN||NUANCE COMMUNICATIONS, INC.||52.69||+0.23||+0.45%|
In addition, earnings season is set to kick off on Wednesday with big banks Goldman Sachs Group Inc., JPMorgan Chase & Co. and Wells Fargo & Co. set to release their quarterly results.
|JPM||JPMORGAN CHASE & CO.||161.48||+4.02||+2.55%|
|GS||THE GOLDMAN SACHS GROUP, INC.||358.56||+3.99||+1.13%|
|WFC||WELLS FARGO & CO.||46.56||+0.95||+2.09%|
Elsewhere, Uber Technologies Inc. reported gross bookings hit a record high in March as ride hailings snapped back to pre-pandemic levels and food delivery more than doubled from the previous year.
|UBER||UBER TECHNOLOGIES, INC.||44.19||+0.37||+0.84%|
Meanwhile, Alibaba Group Holdings was fined a record 18 billion Chinese yuan ($2.75 billion) by Chinese regulators for anticompetitive behavior. However, the fine was smaller than feared.
|BABA||ALIBABA GROUP HOLDING LTD||206.94||-13.04||-5.93%|
In commodities, West Texas Intermediate crude oil climbed 38 cents or $59.70 per barrel and gold slipped $12.10 to $1,731.20 an ounce.
Overseas markets were lower.
In Europe, Germany’s DAX 30 and France’s CAC 40 both fell 0.13% while Britain’s FTSE 100 lost 0.39%.
Asian markets were weaker across the board with China’s Shanghai Composite index down 1.09%, Hong Kong’s Hang Seng index declining 0.86% and Japan’s Nikkei 225 sliding 0.77%.