Yahoo Finance

Key Takeaways

• The S&P 500 lost 0.6% on Monday, Dec. 9, falling from record highs as consumer inflation data is set to take the spotlight this week.

• Omnicom shares tumbled as the advertising agency announced an all-stock deal to acquire rival firm Interpublic Group.

• Shares of Hershey soared following a report that snack food giant Mondelez International is evaluating a possible acquisition.

Major U.S. equities indexes moved lower at the onset of a new trading week that will see the release of several key economic data points. In particular, Wednesday's Consumer Price Index (CPI) report could have implications for Federal Reserve officials as they weigh whether to cut interest at the final policy meeting in 2024, scheduled for Dec. 17-18.

The S&P 500 and the Nasdaq both closed Monday's session down around 0.6%, retreating from record levels notched last week. The Dow lost 0.5%.

Advertising agency Omnicom (OMC) announced an agreement to acquire rival firm Interpublic Group (IPG). If the all-stock takeover comes to fruition, the combined entity would be the world's largest ad conglomerate. Omnicom's chief executive said the deal would expand opportunities to benefit from new technologies and ongoing changes in the advertising industry. However, Omnicom shares tumbled 10.3% after the announcement, losing the most of any S&P 500 stock on Monday. Interpublic Group shares added 3.6%.

Comcast (CMCSA) shares dropped 9.5% after the internet and cable provider said it expects to shed more than 100,000 broadband subscribers in the fourth quarter, mirroring negative trends from the first half of the year. Comcast's CEO pointed to a tough competitive environment in the broadband business, especially among consumers concerned about reining in spending. Shares of fellow cable provider Charter Communications (CHTR) lost 9.2%.

Shares of nuclear power generators, which have posted outsized gains in 2024 on optimism around opportunities to power artificial intelligence (AI) data centers, moved lower Monday. A co-chair of the U.S. Congressional Task Force on AI reportedly asked regulators to support the "co-location" of data centers adjacent to nuclear facilities. Last month, the Federal Energy Regulatory Commission (FERC) ruled against a proposed Amazon (AMZN) data center at a Talen Energy (TLN) nuclear site. Vistra (VST) shares fell 9.3%.

Shares of Axon Enterprise (AXON), maker of Taser devices and other law enforcement equipment, slipped 6.6%. Axon stock tore higher in November after the company posted stronger-than-expected quarterly profits, with a boost from AI offerings and premium product packages. Analysts have also suggested Axon could benefit under the incoming presidential administration. Monday's drop marked a retreat from all-time highs after the stock notched an intraday record just below $700 on Friday.