US stocks surged early, but struggled to hold onto their gains. The Dow Jones industrial average nearly erased its 400-point gain, finishing higher by just 46 points, or 0.19%.
Here's the scoreboard:
Dow Jones Industrial Average: 23,979.10 +46.34 (+0.19%)
S&P 500: 2,614.13 +9.66 (+0.37%)
AUD/USD: 0.7701 +0.0024 (+0.29%)
ASX 200 SPI futures: 5,784.5 +47.5 (+0.83%)
- The US deficit is expected to surpass $1 trillion by 2020, according to Congressional Budget Office data, which is two years earlier than previously thought. The Republican tax overhaul and spending increases will boost growth in the near-term, the data suggested, but could slow to a sluggish 1.80% in two years.
- Still, many tech stocks climbed their way out of last week's rout. Shares of Google and Apple were up about 1%.
- Russian stocks dropped the most in four years, and the ruble was down more than 3% versus the dollar. The Trump administration announced sanctions against Russian government officials, seven oligarchs with ties to the Kremlin, and the state-owned trading company Rosoboronexport, sending Russia's stock market down more than 8%.
- Congress released the testimony of Mark Zuckerberg, who will go before US legislators this week. Shares of Facebook gained 0.34%. Despite a major data breach scandal, users don't seem to be leaving the platform.
- Tesla fell below the key $300 level, signaling possible trouble ahead. Shares slid more than 3%.
Here is Tuesday's economic calendar:
- Reserve Bank of Australia Governor will give a speech.
- US producer prices will be released at 8:30 a.m. ET.
- Facebook CEO Mark Zuckerberg will testify before two Senate committees.