Following the market opening Monday, the Dow traded down 0.65% to 35,736.04 while the NASDAQ fell 0.26% to 15,590.13. The S&P also fell, dropping 0.46% to 4,690.48.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 50,801,450 cases with around 817,950 deaths. India confirmed a total of at least 34,697,860 cases and 475,630 deaths, while Brazil reported over 22,189,860 COVID-19 cases with 616,940 deaths. In total, there were at least 270,510,600 cases of COVID-19 worldwide with more than 5,324,320 deaths.

Leading and Lagging Sectors

In trading on Monday, energy shares fell 2.2%.

Top Headline

Pfizer Inc (NYSE:PFE) agreed to acquire Arena Pharmaceuticals Inc (NASDAQ:ARNA), a clinical-stage company developing therapies to treat several immuno-inflammatory diseases.

Under the agreement terms, Pfizer will acquire Arena for $100 per share in an all-cash transaction for a total equity value of approximately $6.7 billion.

Equities Trading UP

Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) shares shot up 84% to $91.91. Pfizer agreed to acquire Arena Pharmaceuticals for $100 per share in an all-cash transaction.

Shares of BELLUS Health Inc. (NASDAQ:BLU) got a boost, shooting 61% to $9.01 after the company announced topline data its Phase 2b SOOTHE trial of BLU-5937 in Refractory Chronic Cough.

Check out these big movers of the day

Equities Trading DOWN

Nisun International Enterprise Development Group Co., Ltd (NASDAQ:NISN) shares tumbled 57% to $4.79 after the company priced its $77 million underwritten public offering of common shares and pre-funded warrants to purchase common shares.

Shares of IGM Biosciences, Inc. (NASDAQ:IGMS) were down 33% to $33.15 after reporting Phase 1 trial data in advanced B-Cell malignancies. RBC Capital downgraded IGM Biosciences to Sector Perform from Outperform with a price target of $51, down from $90.

X4 Pharmaceuticals, Inc. (NASDAQ:XFOR) was down, falling 26% to $2.8192 after the company presented new clinical and scientific data at the 2021 ASH Annual Meeting.

Commodities

In commodity news, oil traded down 1.2% to $70.84, while gold traded up 0.1% to $1,786.20.

Silver traded up 0.6% Monday to $22.33 while copper fell 0.1% to $4.2855.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 gained 0.1%, the Spanish Ibex Index fell 0.1% and the German DAX 30 gained 0.5%. Meanwhile, the London’s FTSE 100 fell 0.5%, French CAC 40 fell 0.2% and Italy’s FTSE MIB fell 0.1%.

Wholesale prices in Germany surged 16.6% year-over-year in November following a 15.2% increase a month ago.

Economics

US consumer inflation expectations report for November will be released at 11:00 a.m. ET.

The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.

Check out the full economic calendar here