Nasdaq rises on Biogen boost, S&P, Dow little changed
FDA approves Biogen Inc.'s Alzheimer's drug and stock rockets
U.S. equity markets ended mixed Monday as traders digested the weekend agreement by G7 countries to set a global minimum corporate tax rate and ahead of key inflation data due later in the week.
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|I:COMP||NASDAQ COMPOSITE INDEX||13258.906501||+18.14||+0.14%|
The Dow Jones Industrial Average fell 127 points, or 0.37%, while the S&P 500 slipped 0.08% and the Nasdaq Composite ticked up 0.49%.
Finance ministers from the world’s most advanced economies committed to a global minimum corporate tax rate of 15% in an effort to prevent multinationals from relocating to tax havens. The agreement is non-binding.
BIDEN'S MINIMUM CORPORATE TAX RATE PLAN COULD BOOMERANG FOR US
In stocks, mega-cap technology names, which would be among the most impacted by the G7 agreement, including Apple Inc., Google Inc. and Facebook Inc. were in focus.
Meanwhile, traders continued to keep a close eye on shares of AMC Entertainment Holdings Inc. after short-sellers last week suffered about $2 billion in losses, according to financial analytics firm S3 Partners.
Tesla Inc. has scrapped plans for its high-end Model S Plaid+ sedan, according to a tweet from CEO Elon Musk.
The company had been accepting refundable deposits on the vehicle, which was expected to have a range of 520 miles, compared with 390 miles for the Model S Plaid sedan.
Elsewhere, the U.S. Food and Drug Administration approved Biogen Inc.’s controversial Alzheimer’s drug aducanumab, making it the first major drug used for the treatment of the disease since 2003.
BIOGEN'S STOCK SOARS ON FDA'S OK OF ALZHEIMERS DRUG
In commodities, West Texas Intermediate crude oil slipped 39 cents to $69.23 per barrel after earlier in the session hitting $70 for the first time since October 2018. Gold was up $7 at $1,896.80 per ounce.
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Overseas markets were mostly higher.
European bourses ended mixed with Germany’s DAX 30 losing 0.1%, Britain’s FTSE 100 advancing 0.12% and France’s CAC 40 gaining 0.43%.
In Asia, Hong Kong’s Hang Seng index lost 0.45% while China’s Shanghai Composite and Japan’s Nikkei 225 ticked up 0.22% and 0.27%, respectively.