S&P 500 dips amid virus fears | Tesla drops on S&P 500 debut | Stimulus checks next week?

The S&P 500 fell slightly in volatile trading on Monday to start the holiday week as enthusiasm over a coronavirus stimulus deal was overwhelmed by worries over a viral new Covid strain in the U.K.

VIEW IN BROWSER | SUBSCRIBE MON, DEC 21, 2020 EVENING BRIEF AS OF MON, DEC 21, 2020 • 05:01 ET DJIA 30216.45 +0.12% +37.40 S&P 500 3694.92 -0.39% -14.49 NASDAQ 12742.52 -0.10% -13.12   Most Active DOW NAME LAST CHG %CHG AAPL 128.23 +1.57 +1.24% INTC 46.36 -1.10 -2.32% MSFT 222.59 +4.00 +1.83% S&P 500 NAME LAST CHG %CHG AAPL 128.23 +1.57 +1.24% BAC 29.74 +1.07 +3.73% AAL 16.10 -0.41 -2.48% NASDAQ NAME LAST CHG %CHG AAPL 128.23 +1.57 +1.24% TSLA 649.86 -45.14 -6.50% INTC 46.36 -1.10 -2.32%   EDITOR'S NOTE Tesla's first day as a member of the S&P 500 turned out to be a letdown.   The electric car maker, now with a 1.69% weighting in the broad equity index, shed as much as 6.3% on Monday as some investors rushed out the door after its massive run-up to the historic inclusion.    Tesla's weighting in the S&P 500 is the fifth largest. It is the sixth-biggest company in the large-cap benchmark when counting the share classes of Alphabet together. Massive buying from index-tracking managers on Friday pushed Tesla shares up nearly 6% to an all-time high in extreme volume. The stock had also rallied aggressively for a couple of weeks as speculators bid up shares in a short-term trade to get ahead of the big flows. Some of these traders could be taking chips off the table. "There is no reason to chase TSLA here," Peter Naso, head of research content at Cornerstone Macro, said Monday. "The stock has been undergoing an orderly sequence of powerful advances, followed by periods of rest/consolidation. It is currently positioning for a period of rest/consolidation."   Still, Monday's drop merely gave back Friday's final pop and didn't make a dent in Tesla's monstrous 2020 gains. The stock is up by more than 670%, one of the biggest winners this year. Yun Li | CNBC Markets and Investing Reporter @YunLi626 TOP NEWS  S&P 500 closes lower in volatile session after new Covid strain causes U.K. to lock down Americans will get stimulus checks as soon as next week, Mnuchin says What's in the $900 billion coronavirus relief plan: Stimulus checks, unemployment aid and more Attorney General Barr breaks with Trump, says SolarWinds hack 'certainly appears to be the Russians' Joe Biden receives Covid vaccine on live television, encourages Americans to get inoculated Tesla shares fall 6% as it enters the S&P 500 with 1.69% weighting, fifth largest Apple targets car production by 2024 and eyes 'next level' battery technology 'Out of control' Covid strain makes UK a global pariah as countries impose travel bans These two sectors could provide shelter from future markets storms Chevy Chase recreates 'Christmas Vacation' scene in new Ford Mustang Mach-E ad   TOP VIDEO Former FDA chief Gottlieb on new Covid strain: Eventually will have to update vaccines   CNBC PRO GE shares clawed back their losses for the year, but investors might have to be patient from here   SPECIAL REPORTS This calculator tells you exactly how much your second stimulus check could be worth Mega Millions and Powerball jackpots both top $320 million. Advisors say do this if you win   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2020 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS