US stocks finished lower on Monday, as investor averse players fled equities anew to erase early gains in the market.
The Dow Jones Industrial Average slid 245 points or nearly 1% to end at 24,442.
The S&P 500 fell 0.66% to close at 2,641. .
The Nasdaq fell 1.63% to finish at 7,050.
The Russell 2000 was off 0.71% to conclude at 1,473.
In Canada, the TSX was down 1.4% to trade at 14,678.
12:20 PM: Nasdaq in the red as Amazon and Netflix shares fall in afternoon trading
The major US benchmarks were mixed this afternoon.
The Dow Jones Industrial Average jumped nearly 70 points, boosted by JPMorgan Chase & Co (NYSE:JPM) and Walmart Inc (NYSE:WMT).
The S&P 500 was up more than 13 points by midday.
Red Hat Inc (NASDAQ:RHT) was a top gainer after being acquired by tech giant IBM Corp (NYSE:IBM) in a $34 billion deal.
The Nasdaq fell about 10 points afternoon trading as FAANG stocks Amazon.com Inc (NASDAQ:AMZN) and Netflix Inc (NASDAQ:NLFX) slipped lower.
The Russell 2000 was up about 0.7% this afternoon with Genworth Financial Inc (NYSE:GNW) leading the charge. Shares jumped after news suggesting that China Oceanwide Holdings Group Inc might be a step closer to completing its acquisition of the US insurer.
Up north, the TSX was up more than 50 points as global markets slowly recover.
10:00 AM: Wall Street rebounds from last week's losses in early trade
US stocks picked up traction on Monday as investors fought to recoup their losses from last week and auto stocks pushed higher on a report that China is looking to cut its tax on vehicle purchases by half.
Early in the session, Ford Motor (NYSE:F) and General Motors (NYSE:GM) were trading 6% and 5% higher in the wake of a Bloomberg report that said Beijing is contemplating a move to slash its tax on car purchases by 50%.
Market sentiment was also lifted by IBM’s move (NYSE:IBM) to buy the software group Red Hat (NYSE:RHT) for about $34 billion. Red Hat shares jumped by 48% to $173.21 while IBM shares slipped 1.3 to $123.10.
The Dow Jones Industrial Average also climbed higher, adding 212 points to hit 24,900, on the back of gains of more than 1.6% from Nike Inc, Merck & Co, Visa Inc, Pfizer Inc and JP Morgan Chase & Company.
The tech-laden Nasdaq also pushed forward to add 78 points and hit 7,244, lifted by Workday, Cerner Corp and American Airlines Group. Tesla was also up 3.4% on a London Times report that Baillie Gifford & Co, one of its biggest shareholders, is willing to invest more in the electric car maker.
Elsewhere, the S&P 500 rose 31 points to hit 2,690 while the Russell 2000 index of small-cap stocks popped by 20 points to reach 1,503.
Up in Canada, Toronto’s TSX picked up 95 points to hit 14,983, in parallel with gains from the big US indices.
8:21 AM: US shares set for positive start as European benchmarks rise; traders await UK budget speech
US stocks are set to start the week higher as European indices have also turned a corner, against news that Germany's Angela Merkel will not stand for re-election as chair of the CDU party.
It comes as there is a flurry of big corporate news about and ahead of UK Chancellor Phiip Hammond's latest budget - the final one before the UK is due to Brexit in March.
Wall Street shares slumped into a negative finish Friday. The Dow Jones Industrial Average closed down 296 points at 24,688 weighed down by the likes of Cisco Systems Inc (NASDAQ:CSCO) and The Home Depot Inc (NYSE:HD).
The Nasdaq lost over 151 points and the S&P 500 shed almost 47 points at 2,658.
In futures trade, the Dow Jones Monday has rebounded and is ahead by 164 points; the Nasdaq futures are up almost 95 points and the S&P 500 is ahead by nearly 29 points.
In Toronto on Friday, the TSX closed down nearly 36 points at 14.888.
Connor Campbell, analyst at Spreadex, noted that Merkel was holding onto the job as Chancellor. The news could have caused the fragile markets to spiral, but the Eurozone instead led to charge higher, he said.
"Celebrating the fact S&P left Italy’s credit rating unchanged despite warnings of a recession and banking crisis elsewhere, the FTSE MIB surged 2.8%, a rise that allowed the CAC and DAX to up their own gains to 1% and 2% respectively."
In London, FTSE 100 is ahead by 126 points to 7,065; the German DAX is ahead by 236 points, while the French CAC 40 added 57.
In Asia overnight, the Nikkei 225 lost nearly 35 points to 21,149, while the Shanghai Composite Index lost 56.