While the tax bill was supposed to dominate sentiment in the previous trading session, markets closed lower on Friday after having been taken on a roller coaster ride.
U.S. stocks finished in the red Friday after a report emerged stating that former national security advisor Michael Flynn was directed by Trump to talk to Russians.
ABC News had initially reported on Friday, citing an unnamed source, that Flynn was getting ready to testify that he made proposals to the Russian ambassador at Trump’s request, during the run-up of the 2016 U.S. election. The media outlet went on to correct the report, stating that Flynn would likely say that Trump’s instructions had occurred after the election took place.
Shifting to corporate news, CVS Health said it will buy Aetna, a U.S. health insurer, for $69 billion. The agreement is seen as one of 2017’s biggest deals so far in the merger and acquisition (M&A) space. CVS shares slipped 3.4 percent, while Aetna rose 1.7 percent.
The Wall Street Journal also reported that a deal by Disney to buy some of 21st Century Fox’s assets is “gaining momentum,” despite speculation that the conversation between the two parties had cooled off. Disney shares rose 5.6 percent, while Fox shares gained 4 percent.
In commodities, oil cartel OPEC and non-OPEC producing nation Russia agreed to limit their production output through to the end of next year. While oil price rose on the back of the news last week, prices are trading in the red Monday, following news that U.S. shale drillers had added more rigs in the previous week.
Looking to markets in other regions, European shares traded higher on Monday, while markets in Asia finished relatively mixed to lower, as investors eyed trade on Wall Street.
—CNBC’s Jacob Pramuk and Javier E. David contributed to this report
Source: CNBC