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US Stock Market Overview – Stocks Drop but Close off the Lows

David Becker
·2 min read

U.S. Stocks moved lower on Monday, driven down by the Nasdaq, which underperformed the other major indices. Most S&P 500 index sectors were lower, paced by Real-estate and technology; energy shares bucked the trend. House Democrats introduced articles of impeachment on President Trump following last week’s attack on the Capitol. Parler, a social media app, sued Amazon for removing the app from its cloud service. On Monday, The Supreme Court rejected a plea by President Donald Trump and his allies to get the court to quickly consider challenges to President-elect Joe Biden’s victory in the November election. Bitcoin prices as well as Ether dropped sharply on Monday, finally correcting after surging for most of December and early January. Bitcoin prices at their lows were down 15%. Ether dropped more than 25%. The dollar rose along with U.S. yields which weighed on cryptocurrencies and precious metals. Oil prices were nearly unchanged on the day.

Technology Underperforms

Technology heavyweights underperformed the broader market as many of the social media giants removed President Trump’s access following the Capitol’s storming by his supporters. The riot, planned and discussed on social media, is expected to spur Congressional efforts to regulate big tech. Twitter permanently suspended President Trump. Facebook has indefinitely suspended President Trump, while Apple, Amazon.com and Alphabet’s Google slashed support for the social-media app Parler. Twitter removed Mr. Trump’s personal account, citing the risk of further incitement of violence.

House Democrats Introduce Articles of Impeachment

Democrats in the House of Representatives introduced an impeachment article against President Trump, accusing him of inciting an insurrection. The House will vote Tuesday on a measure calling for Vice President Pence to use the 25th amendment to remove Trump from office within 24 hours before beginning impeachment proceedings.

This article was originally posted on FX Empire

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