The U.S. stock market fell on Monday, as higher commodity prices and bond yields weighed on stocks. Merck & Co. (MRK) also submitted its request to the Food and Drug Administration for emergency use authorization for a Covid-19 pill.
Dow Jones Industrial Average
dropped 249 points, or 0.7%. The
fell 0.7% and the
declined 0.6%. All three indexes had wavered between gains and losses throughout the day, as traders weighed the extent of the commodity rally against the positive Covid news.
Overall, “the move higher in global interest rates and commodity prices continues to be the focal point,” writes Michael Reinking, senior market strategist at New York Stock Exchange. “In the US, fixed income markets are closed today but global rates have continued to march higher.”
The market’s indecisiveness also caused the CBOE…