Morning Report 10 Dec 20: US sharemarkets retreated from fresh intraday record highs on Wednesday

US Senate Majority Leader Mitch McConnell said Democrats “poured cold water” on his offer to set aside some issues in an aid bill and rebuffed US Treasury Secretary Steven Mnuchin’s US$916 billion proposal. Shares of Apple (-2.2%), Microsoft (-2%) and Salesforce (-3.2%) weighed on major indexes. Facebook shares dropped 1.9% after an antitrust lawsuit was filed against the company. Tesla shares slumped 7% after JPMorgan said the electric-car maker is “dramatically” overvalued. Chip stock Qorvo fell 5.6%. But Lowe's shares jumped 5.9% on a US$15 billion share buy-back plan. Food delivery app DoorDash (+85.8%) made its trading debut. The Dow Jones index closed down by 105 points or 0.4%. The S&P 500 index fell by 0.8%. And the Nasdaq index lost 244 points or 1.9%. 

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