Bitcoin Hits New Record High

Energy stocks slump on Exxon news, Opec delay

The S&P 500 fell back by 0.5% on Monday, with energy stocks by far the biggest drag on the index. In the S&P, the energy sector fell back by 5.4% overall. In addition to the Exxon (XOM) news, oil cartel Opec and its allies delayed a meeting intended to push back a planned output increase as there are disagreements among the group. At the top of the index was IHS Markit, which jumped 7.4% on news of its acquisition by S&P Global. It was followed by chipmaker Advanced Micro Devices (AMD), which gained 6.3%.

In corporate news, General Motors announced that it is scaling down its deal with electric truck maker Nikola (NKLA) and will no longer take a stake in the company. GM will still provide fuel-cell technology but will not be building an electric pickup truck for the company. The dialing down of the deal follows a report from a short-seller raising questions about the firm’s technology and the progress it has made. After GM announced the revised deal, the firm’s share price fell back 2.7%, while Nikola slumped by 26.9%.

S&P 500: -0.5% Monday, +12.1% YTD

Dow Jones Industrial Average: -0.9% Monday, +3.9% YTD

Nasdaq Composite: -0.1% Monday, +36% YTD

FTSE 100, 250 fall as Arcadia falls into administration

The FTSE 100 fell back by 1.6% on Monday, while the FTSE 250 lost 0.7%, after the news that fashion firm Arcadia Group has fallen into administration, putting 13,000 jobs at risk. 

In the FTSE 100, insurer Phoenix Group and food-service business Compass Group were the biggest losers, closing the day 8.8% and 6.6%. They were followed by BP and Royal Dutch Shell, which followed US oil stocks, with both losing more than 5%. At the other end of the spectrum, JD Sports Fashion gained 5.9% after reports that it is stepping away from a rumored deal to take over troubled department store Debenhams.

In the FTSE 250, investment firm Ninety One, Cruise Line Carnival, and retail firm Frasers Group fell hardest on Monday, with all three sinking by around 6%.

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