Dow drops over 500 points - Fox Business

'Barron's Roundtable' panel give reaction and analysis

Stocks sold off sharply after opening higher on the first day of trading in 2021, despite the prospects for continued fiscal stimulus and coronavirus vaccine rollouts aided investor optimism.

Ticker	Security	Last	Change	Change %
I:DJI	DOW JONES AVERAGES	30066.5	-539.98	-1.76%
SP500	S&P 500	3696.6	-59.47	-1.58%
I:COMP	NASDAQ COMPOSITE INDEX	12703.884102	-184.40	-1.43%

All three of the major U.S. averages saw declines of over 1% with the Dow Jones Industrial dropping over 550 points mid-morning.

Despite the drop, Tesla shares continued their record run after the Elon Musk-led company said it delivered almost 500,000 cars in 2020, falling just shy of Musk's previously stated goal.

Ticker	Security	Last	Change	Change %
TSLA	TESLA INC.	732.99	+27.32	+3.87%

In other tech news, a small group of Google employees has voted to unionize.

Ticker	Security	Last	Change	Change %
GOOGL	ALPHABET INC.	1,726.25	-26.39	-1.51%

Ticker	Security	Last	Change	Change %
WORK	SLACK TECHNOLOGIES INC.	41.90	-0.35	-0.83%
CRM	SALESFORCE.COM	218.21	-4.37	-1.96%

Slack, which Salesforce announced its intention to acquire towards the end of 2020, fell 0.4% as the communications platform is experiencing a service outage on Monday, impacting its users.

The company's official Twitter account noted that there were issues with connecting and channels loading. The service outage started just shortly after 10 a.m. EST.

INVESTORS BULLISH ON STOCKS, HOPING FOR A BRIGHTER 202

Ticker	Security	Last	Change	Change %
HLF	HERBALIFE LTD	49.29	+1.24	+2.58%

Shares of Herbalife may be active on Monday after The Wall Street Journal reported that activist investor Carl Icahn has sold more than half of his stake in the company while also relinquishing seats on its board of directors.

China's biggest telecom companies, China Mobile, China Telecom and China Unicom, are under pressure after the New York Stock Exchange said it would delist the three, citing an executive order.

Ticker	Security	Last	Change	Change %
CHL	CHINA MOBILE LTD.	26.89	-1.65	-5.76%
CHA	CHINA TELECOM	25.69	-1.83	-6.66%
CHU	CHINA UNICOM LTD.	5.38	-0.31	-5.45%

In other China news, there are reports China's richest man, Alibaba founder Jack Ma has not been seen in recent days. FOX Business has learned he is keeping a low profile despite ongoing tensions between his businesses and the Chinese goverment.

WHERE'S ALIBABA'S JACK MA?

Ticker	Security	Last	Change	Change %
BABA	ALIBABA GROUP HOLDING LTD	227.38	-5.26	-2.26%

ECONOMIC NUMBERS

Monday will see the release of a couple of economic reports, looking at manufacturing and construction spending. IHS Markit will release its December report for manufacturing and November construction spending will follow soon thereafter. Economists are expecting spending to rise 0.9%.

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In other asset classes, bitcoin fell nearly 10% to $32,000, after rallying in the final days of 2020 and the first couple of days of 2021, surpassing the $34,000 level.

West Texas Intermediate crude rose nearly 1% to $48.97 per barrel level, while gold jumped higher, gaining more than 2.3% to $1,939.70 an ounce.

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