The S&P 500 and Nasdaq soared to fresh record closing highs as the broader tech market rallied throughout the session. The Dow, however, slid more than 150 points as energy and transportation stocks came under pressure.
Shares of Facebook
Facebook's share jump boosted the company over a $1 trillion market capitalization for the first time ever, with the stock now ranking with other companies like Amazon
Here's how the market settled on Monday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Biden's infrastructure bill hits some headwinds:
The bipartisan infrastructure proposal reached by President Joe Biden and a group of bipartisan senators late last week is now under threat by Senate Minority Leader Mitch McConnell after Democrats plan to push the legislation through with a broader spending package.
"The President has appropriately delinked a potential bipartisan infrastructure bill from the massive, unrelated tax-and-spend plans that Democrats wants to pursue on a partisan basis," the Republican senator said in a statement. "Now I am calling on President Biden to engage Leader Schumer and Speaker Pelosi and make sure they follow his lead."
"Unless Leader Schumer and Speaker Pelosi walk-back their threats that they will refuse to send the president a bipartisan infrastructure bill unless they also separately pass trillions of dollars for unrelated tax hikes, wasteful spending, and Green New Deal socialism, then President Biden's walk-back of his veto threat would be a hollow gesture," McConnell added.
Tesla shakes off Chinese recall of 285,000 cars:
Over the weekend, China's vehicle safety authority, the State Administration for Market Regulation (SAMR), announced that Tesla was implementing a voluntary recall, via a software update, to fix alleged safety issues with the driver-assistance systems in 285,520 of its Model 3 and Model Y in the vehicles in the country.
The recall covered 249,855 Model 3 sedans and Model Y crossovers manufacture by Tesla in Shanghai, along with 35,665 Model 3 vehicles manufactured by Tesla in the United States and imported to China.
Due to the alleged bug in Tesla's system, the SAMR said, drivers could mistakenly switch on or off an active cruise control feature in their Model 3 or Model Y cars in certain situation, which could lead to collisions.
Tesla shares were up 2% on Monday despite the recall.
Here's where benchmarks stood soon after opening bell:
S&P 500 Index: -0.04% or -1.76 points to 4,278.94
Dow Jones Industrial Average: -0.39% or -135.22 points to 34,298.62
Nasdaq Composite Index: +0.65% or +93.82 points to 14,454.20
Johnson & Johnson reaches $230 million opioid settlement with New York:
Over the weekend, Johnson & Johnson
J&J has not marketed opioids in the U.S. since 2015 and fully discontinued the business last year.
As part of the settlement, J&J will resolve opioids-related claims and allocate payments over the next nine years. The company could also pay and additional $30 million in the first year if the New York state executive chamber signs into law new legislation creating an opioid settlement fund, according to a press release from New York Attorney General Letitia James' office.
In a statement Saturday, the company said that the settlement "is not an admission of liability or wrongdoing by the company," and is "consistent with the terms of the previously announced $5 billion all-in settlement agreement in principle for the resolution of opioid lawsuits and claims by states, cities, counties and tribal governments."
