Stocks started Monday on a strong note, but the enthusiasm waned as the session wore on. Still, two of the three main benchmarks added to their year-to-date gains thanks to a big rally in the technology sector. Meanwhile, Walt Disney's (DIS) latest venture created plenty of tailwinds for communication services stocks.
While DIS stock slipped 0.1% following news the media and entertainment giant will merge its Hulu + Live TV business with fuboTV (FUBO), FUBO shares more than tripled. The merger will creat a combined streaming business that will trade under the FUBO ticker on the New York Stock Exchange. Disney will retain a 70% stake in the new business, with FUBO shareholders owning the rest.
