Nasdaq enters correction, Dow surges as Senate passes $1.9T coronavirus relief package

U.S. equity markets ended mixed Monday, with the Nasadq entering a correction, after the Senate passed President Biden’s $1.9 trillion COVID-19 relief package and investors turned their attention to the pace of the economic recovery.

Ticker	Security	Last	Change	Change %
I:DJI	DOW JONES AVERAGES	44296.51	+426.16	+0.97%

The Dow gained 305 points or 0.97% as economically sensitive cyclical sectors like transportation and financials helped drive the gains. The blue-chip index briefly topped 32,000 for the first time before sliding back below the level.

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The S&P 500 and the Nasdaq Composite, meanwhile, lost 0.54% and 2.41%, respectively.

Ticker	Security	Last	Change	Change %
SP500	S&P 500	5969.34	+20.63	+0.35%
I:COMP	NASDAQ COMPOSITE INDEX	19003.651134	+31.23	+0.16%

In a 50-49 vote, the Senate passed its own version of Biden’s $1.9 trillion bill, which limits $1,400 checks to those making $75,000 a year or less and strips out a $15 minimum wage, among other things. The U.S. House of Representatives will vote on the measure as early as Tuesday.

The bill’s passage through the upper chamber reignited worries of inflation, sending the 10-year Treasury yield briefly above 1.60% before pulling back. The recent rise in the 10-year yield has rattled investors as it is now higher than the S&P 500's 1.5% dividend yield.

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In stocks, mega-cap technology shares fell as rising bond yields threatened their growth outlooks.

Ticker	Security	Last	Change	Change %
QQQ	INVESCO QQQ TRUST - USD DIS	505.79	+0.81	+0.16%

Elsewhere, Microsoft Corp. shares were in focus after a cyberattack on its Exchange email software, believed to be carried out by Chinese hackers, infected tens of thousands of customers.

Ticker	Security	Last	Change	Change %
MSFT	MICROSOFT CORP.	417.00	+4.13	+1.00%

Walt Disney Co. will reopen its California theme park at reduced capacity beginning April 1. The stock hit a fresh record.

Ticker	Security	Last	Change	Change %
DIS	THE WALT DISNEY CO.	115.67	+0.94	+0.82%

Meanwhile, GameStop Corp. shares rallied after Chewy founder Ryan Cohen has been tasked with leading the company's e-commerce shift.

Ticker	Security	Last	Change	Change %
GME	GAMESTOP CORP.	27.93	+0.10	+0.36%

In mergers and acquisitions, General Electric Co. is nearing a deal worth more than $30 billion deal to combine its aircraft-leasing business with Ireland’s Aercap Holdings NV, according to The Wall Street Journal, citing people familiar with the matter.

Ticker	Security	Last	Change	Change %
GE	GE AEROSPACE	181.15	+2.45	+1.37%

Apollo Global Management agreed to retirement services company Athene Holdings for $11 billion in stock. The deal, which pays a 17% premium to Athene’s closing price on Friday, gives shareholders 1.149 Apollo shares for each Athene share they own.

Ticker	Security	Last	Change	Change %
ATH	NO DATA AVAILABLE	-	-	-

In commodities, Brent crude oil reached $71.38 per barrel overnight after Yemen’s Houthis launched a drone attack on Saudi Arabia’s oil facilities. Prices have since pulled back with Brent losing $1.12 at $68.24 per barrel. West Texas Intermediate crude oil, meanwhile, slid $1.04 to $65.05 per barrel.

Ticker	Security	Last	Change	Change %
USO	UNITED STATES OIL FUND - USD ACC	74.25	+1.05	+1.43%

Elsewhere in the commodities complex, gold fell $20.30 to $1,678.20 per ounce.

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Overseas markets were mixed.

In Europe, Germany’s DAX 30 climbed 3.31%, France’s CAC 40 gained 2.08% and Britain’s FTSE 100 advanced 1.34%.

Asian markets, meanwhile, were under pressure with China’s Shanghai Composite index declining 2.3%, Hong Kong’s Hang Seng index falling 1.92% and Japan’s Nikkei 225 losing 0.42%