It was a gloomy Monday on Wall Street. The major averages lost their glow coming off a fourth straight week of gains. The Dow and S&P 500 both ended the session slightly lower, while the Nasdaq managed to squeeze into positive territory ahead of the close.
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Embattled pharma giant Valeant (NYSE:VRX) has yet to recover from short-seller Citron Research's allegations of fraudulent practices raised last week. Shares of the Canadian drugmaker are down 40% percent over the last week.
An early morning conference call led by Valeant's CEO failed to calm investors who were jumping ship over the last week; shares of Valeant fell another 5.27% Monday.
Breaking news just before 4 p.m. eastern; Wal-Mart (NYSE:WMT) has applied for permission to test drones for home delivery, curbside pickup and checking warehouse inventories. Wal-Mart's plan will go head-to-head with Amazon (NASDAQ:AMZN) in using drones to fill and deliver online orders.
Shares of the big-box retailer were down half a percent Monday and hit a more than 3-year low.
It wasn't all bad news; McDonald's (NYSE:MCD) and Starbucks (NASDAQ:SBUX) stock hit all-time highs again Monday! It was the third straight day of record highs for both consumer giants, which bucked the downward trend in the broader market for the day.