All three major US stock indexes fell in trading on Monday as a number of geopolitical events grabbed the headlines.
The biggest loser was the tech-heavy Nasdaq, which fell nearly 1%. The Dow Jones industrial average and S&P 500 also declined, but by a smaller percentage.
We’ve got all the headlines, but first, the scoreboard:
- Dow: 22,294.53, -55.06, (-0.25%)
- S&P 500: 2,496.68, -5.59, (-0.22%)
- Nasdaq: 6,371.59, -55.33, (-0.86%)
- General Electric sold its Industrial Solutions business for $US2.6 billion. The unit was sold in a deal with ABB, a power-grids maker, and the transaction includes an agreement for long-term use of GE’s brand and a strategic partnership.
- Allergan announced a $US2 billion stock buyback. The maker of Botox authorised the buyback after the FDA issued a (RTF) letter on Friday. It came with regard to Allergan’s application for Vraylar, a drug intended to treat negative symptoms in adult schizophrenic patients.
- Texas business owners are struggling with a qualified worker shortage. The latest Texas Manufacturing Outlook Survey released monthly by the Dallas Federal Reserve showed that many executives are worried about finding workers and rebuilding their state after Hurricane Harvey.
- Bitcoin surged higher. The digital coin, which has been sliding the past couple days amid uncertainty about the future of cryptocurrencies in China, was trading up nearly 7% at $US3,920 per coin.
- Republicans have one week to pass their final Obamacare repeal attempt. The Graham-Cassidy bill, the latest and likely last GOP healthcare bill for some time, must be passed by September 30. It faces, however, hold-out Republican senators from both ideological sides of the conference and tough funding maths.