Stocks fall ahead of Fed meeting, inflation data

U.S. stocks fell closed at session lows on Monday as investors eye the Federal Reserve's meeting, which concludes on Wednesday and ahead of another inflation report on Tuesday, the producer price index. 

The Dow Jones Industrial Average fell over 318 points or 0.8%, while the S&P 500 and Nasdaq Composite traded lower by 0.9% and 1.4%, respectively. Reports of rising omicron cases in the UK also rattled investors. 

WHERE INFLATION IS HITTING AMERICAN'S THE MOST

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I:DJI	NO DATA AVAILABLE	-	-	-
I:COMP	NO DATA AVAILABLE	-	-	-

Apple shares are in focus with the tech giant on the cusp of becoming the first company valued at $3 trillion. Shares did not close above $182.856, the level needed to hit the mark. Apple's nearest rival by size, Microsoft, is trailing with a value of $2.5 trillion. 

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AAPL	NO DATA AVAILABLE	-	-	-
MSFT	NO DATA AVAILABLE	-	-	-

APPLE SET TO BECOME FIRST $3T COMPANY

Amazon shares in focus following the deadly tornados that took the lives of six employees at the Edwardsville, Illinois warehouse. The company says it has reached out to the families offering assistance and gave further updates on the tragedy in tandem with the Governor. 

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AMZN	NO DATA AVAILABLE	-	-	-

Peloton fired back with a commercial starring Ryan Reynolds as it tries to deflect from the surprise killing off of character Mr. Big on the Sex in the City reboot in which the company's bike was blamed. 

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PTON	NO DATA AVAILABLE	-	-	-

Tesla CEO Elon Musk, who also founded SpaceX, was voted Time's "Person of the Year" with the public citing his tenacity to push the envelope as an influencer. 

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TSLA	NO DATA AVAILABLE	-	-	-

In auto-related news, Harley-Davidson will take is electric vehicle arm LiveWire public in what will be a first for a motorcycle company. 

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HOG	NO DATA AVAILABLE	-	-	-

"By building on Harley-Davidson's 118-year lineage, LiveWire's mission is to be the most desirable electric motorcycle brand in the world, leading the electrification of the sport. This transaction will give LiveWire the freedom to fund new product development and accelerate its go-to-market model," Jochen Zeitz, chairman, president and CEO of Harley-Davidson said in a statement. The stock will trade on the New York Stock Exchange under the symbol LVW. 

And Ford is tripling production of its Mustang Mach-E to meet demand. 

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F	NO DATA AVAILABLE	-	-	-

In deal news, Pfizer is paying $6.7 billion for Arena Pharmaceuticals for a foothold in the immuno-inflammatory disease space.

Ticker	Security	Last	Change	Change %
PFE	NO DATA AVAILABLE	-	-	-
ARNA	NO DATA AVAILABLE	-	-	-

In commodities, oil drifted down by  0.53% to $71.29 per barrel. 

Ticker	Security	Last	Change	Change %
USO	NO DATA AVAILABLE	-	-	-

Overseas, Asian stock markets rose Monday after Wall Street hit a new high and China promised aid to shore up economic growth.

The Shanghai Composite Index rose 0.8% to 3,695.30 and the Hang Seng in Hong Kong gained 0.5% to 24,201.43. The Nikkei 225 in Tokyo advanced 0.9% to 28,696.68 after the latest quarterly Tanken survey showed stronger improvement in business conditions for service industries than expected.

The Associated Press contributed to this report.