US markets finished mostly lower Monday, weighed down by the industrials sector, while the Nasdaq closed at a record, in part due to optimism over Friday’s jobs data, which showed solid economic growth without triggering wage pressure. The Dow Jones Industrial Average fell 157.13 points, or 0.6%, to 25,178.61 whilethe technology-laden Nasdaq Composite Index, was up 27.51 points, or 0.4%, to 7,588.32, after hitting an intraday high of 7,609.10.
European stocks finished mostly higher Monday as markets in the region tried to shake off concerns surrounding tariffs and focus on the positive trading seen in individual stocks. U.K. markets finished with losses Monday, snapping a five-session win streak with mining shares proving a drag on the London blue-chip index, as the industry wrestles with the prospect of U.S. tariffs on steel and aluminum.
Strong performance by Tesla
Tesla Inc. shares gained the most since early January and traded as high as 4.8%, their largest intraday percentage increase since January 8 making them the second best performer on the Nasdaq on Monday. The pop put Tesla on track for their highest close since February 28, when it closed at $343.06, and snapped a two-day losing streak for the stock.
The company is fresh from getting a nod from analysts who on Friday wrote theybelieved the Silicon Valley company would overcome production bottlenecks and ramp Model 3 production throughout 2018.Tesla confirmed an earlier report that they had temporarily stopped Model 3 production in February and said the downtime had been planned, adding that such periods are used to improve automation and address bottlenecks to increase production rates eventually.
Trump blocks Broadcom – Qualcomm takeover
President Donald Trump issued an executive order Monday blocking Broadcom Ltd. from pursuing its hostile takeover of Qualcomm Inc., scuttling a $117 billion deal that had been scrutinized by a secretive panel over the tie-up’s threat to U.S. national security. The U.S. Treasury Department has previously toldthe Singapore-based firm that it has confirmed national security concerns about the chipmaker’s unsolicited bid to buy rival Qualcomm Inc and accused it of violating an order to give sufficient notice of plans to move to the United States.
"There is credible evidence that leads me to believe that Broadcom Ltd.," by acquiring Qualcomm, "might take action that threatens to impair the national security of the United States," Trump said in the order released Monday evening in Washington. Broadcom said in a statement it was reviewing the order and that it "strongly disagrees that its proposed acquisition of Qualcomm raises any national security concerns." Qualcomm didn’t respond to requests for comment.
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