Moderna Falls; Synopsys stock rises on Nvidia partnership

A major vaccine producer has come under pressure after a report that federal health regulators plan to tighten vaccine approval rules. Meanwhile, an agreement with the world’s most valuable company cemented a software company whose products help customers design and test semiconductors.

Major US stock indexes fell at the start of December after a strong week through the end of November. The Nasdaq fell 0.4%, the S&P 500 fell 0.5%, and the Dow Jones fell 0.9%. See here for more Investopedia In today’s market movements.

Shares of Moderna (MRNA), which generates the bulk of its revenue from its coronavirus vaccine, fell 7% to lead losses on the S&P 500 after a report the Food and Drug Administration plans to overhaul the vaccine evaluation process, requiring more evidence of safety and effectiveness before approving them. Shares of Novavax (NVAX), BioNTech (BNTX) and Pfizer (PFE) also fell.

Shares of Sandisk (SNDK), a maker of memory cards and other data storage products, fell nearly 6%. With the move down on Monday, SanDisk reversed gains from last week on enthusiasm for the stock’s debut in the S&P 500. Despite a decline that began in December, SanDisk shares have still posted big gains since the company completed its spinoff from Western Digital (WDC) in February, fueled by demand for its AI-based memory.

Despite showing signs of a potential rebound last week, the price of Bitcoin (BTCUSD) and other major cryptocurrencies fell on Monday. Shares of cryptocurrency exchange operator Coinbase Global (COIN) fell about 5%, while shares of Robinhood Markets (HOOD), which provides access to cryptocurrencies on its trading platform, lost 4%.

Synopsys (SNPS) was the best-performing stock in the benchmark index on Monday as shares jumped about 5% after the electronic design automation software provider announced an expanded partnership with AI chip leader Nvidia (NVDA). Under the terms of the deal, Nvidia will invest $2 billion in Synopsys, and the two companies will collaborate on real-world, physical AI applications. Nvidia shares rose 1.7%.

Shares of shoe and apparel company Deckers Outdoor (DECK) rose 4.5%. Late last month, analysts at Stifel upgraded Deckers shares to “buy” from “hold,” citing an upbeat growth outlook for the company’s Hoka shoe brand, strong demand for the Ugg brand, and strong international sales. The company offered rare discounts on Hoka sports shoes on the occasion of Black Friday.

A pair of transportation and logistics companies also received a boost after bullish comments from analysts at BMO Capital. Shares of Old Dominion Freight Line (ODFL) and JB Hunt Transport Services (JBHT) added more than 3% after BMO analysts issued “outperform” ratings on the shares.