Stocks were mixed Monday as Wall Street kicked off another short trading week. The Dow Jones Industrial Average dipped over 25 points, while the S&P 500 Index and Nasdaq Composite added 0.6% and 1.2%, respectively.

Here's how the market settled on Monday:

S&P 500 Index (SPY  ): +0.55% or +32.91 points to 5,975.38

Dow Jones Industrial Average (DIA  ): -0.06% or -25.57 points to 42,706.56

Nasdaq Composite Index (QQQ  ): +1.24% or +243.30 points to 19,864.98

Moving Markets:

President-elect Donald Trump is reportedly considering a new tariff plan that would apply a narrower focus on select goods and services, instead of its initial plan to impose universal tariffs of 10-20%, the Washington Post reports, citing people familiar with the matter.

However, Trump later disputed the report on Truth Social: "The story in the Washington Post, quoting so-called anonymous sources, which don't exist, incorrectly states that my tariff policy will be pared back. That is wrong."

Nevertheless, shares of automakers Ford (F  ), General Motors (GM  ) and Stellantis (STLA  ) all rose higher on the report, as these companies are expected to be highly impacted by proposed tariffs on goods from Mexico.

Elsewhere, Canada Prime Minister Justin Trudeau announced his resignation as the lead of the ruling Liberal Party, but will remain as prime minister until a new leader is selected ahead of the nation's general election in October.

"I intend to resign as party leader, as prime minister after the party selects its next leader through a robust nationwide, competitive process," he said during a Monday news conference. "Last night, I asked the president of the Liberal Party to begin that process. This country deserves a real choice in the next election, and it has become clear to me that if I'm having to fight internal battles, I cannot be the best option in that election."

In the News:

FuboTV (FUBO  )shares jumped higher Monday on news the streaming company is nearing a deal to combine its online live TV businesses with Disney (DIS  ), as the companies confirmed an earlier Bloomberg report. The new business will be 30% owned by Fubo and form the second-largest digital pay-TV provider after Google's (GOOG  ) (GOOGL  ) YouTube TV.

Fubo's existing management team will operare the nearly combined Fubo and Hulu + live TV business, according to a joint release.

"We are thrilled to collaborate with Disney to create a consumer-first streaming company that combines the strengths of the Fubo and Hulu + Live TV brands," said Fubo CEO David Gandler in a release. "This combination enables us to deliver on our promise to provide consumers with greater choice and flexibility. Additionally, this agreement allows us to scale effectively, strengthens Fubo's balance sheet and positions us for positive cash flow. It's a win for consumers, our shareholders, and the entire streaming industry."

Bernstein analyst Mark Moerdler raised his price target for Microsoft (MSFT  ) on Monday to $516, implying a more than 21% upside for the Buy rated tech stock.

"Microsoft has become far less crowded over the last year due to investors' concerns about [capital expenditures] and the ability of MSFT to convert [capital expenditures] to revenue," Moerdler wrote in a note to clients.

Looking Ahead:

December's key jobs report is due out Friday and will be one of the last major economic readings the Federal Reserve will review before its first policy meeting later this month. Other labor market data set to release this week includes the Job Openings and Labor Turnover Survey on Tuesday and December's ADP Employment Survey on Wednesday.

Markets will be closed Thursday, Jan. 9, in honor of former President Jimmy Carter's death in a National Day of Mourning.