Tech stocks fall as investors plummet at high values

Traders will be operating on the floor of the New York Stock Exchange (NYSE) on November 20, 2019 in New York City

U.S. stocks were mixed Monday with technical stocks pulling back over valuation concerns as investors weighed in what rising yields could mean for inflation.

Fundstrat’s Thomas Lee says the case for cyclic stocks within energy, industries, consumer choice, products, and finance is strengthening as coronavirus issues fall and the U.S. economy begins to open up again.

U.S. lawmakers will debate a $ 1.9 trillion American Rescue Plan act proposed by President Joe Biden this week. Also, Federal Reserve chairman Jerome Powell will give evidence to the Senate Banking and House Financial Services Committee

Here ‘s where the U.S. indices stood at 4pm ET near Monday:

Shares of Churchill Capital IV plunged as much as 19% on Monday after a Bloomberg report said a merger with electric vehicle maker Lucid Motors could come as soon as Tuesday. The report comes after weeks of rumors that Churchill’s special purpose construction company would join Lucid.

Well-known Reddit trader Keith Gill has stepped up his interest in GameStop, according to a screenshot he submitted to Reddit on Friday. Gill, who joins Roaring Kitty on YouTube and Twitter and DeepF — ingValue on Reddit, now owns 100,000 shares of the video game vendor, representing a double of his previous share of 50,000 sections.

General Electric gained as much as 5.6% on Monday but Goldman Sachs believes the stock could jump around 20% to $ 15 per share. Auditors from the company sat down with GE officials on Friday to discuss the company’s operations and finances. The analysts came away “motivated” by free cash flow and the company’s power business move.

Bitcoin fell as much as 17% on Monday after hitting a record above $ 58,000 over the weekend, although Bitfinex CTO Paolo Ardoino says daily price movements are “more of a side view. “

“Today’s price movement could inspire many bitcoin critics, including those who have recently discredited the major cryptocurrency as an economic side view. Such criticism misses its For many of the battle-tested exchanges that have weathered market fluctuations, volatility is not new and a market is expected to be so young. development and deployment is a priority, “Ardoino said Monday.

Oil prices were spinning. West Texas Intermediate crude rose as much as 4.14%, to $ 61.69 per barrel. Brent crude, an international oil benchmark, jumped 3.7%, to $ 65.24 a barrel.

Gold rose 1.75% to $ 1,808.60 an ounce, at high intraday levels.