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TXNM Energy ( TXNM ) gains after Blackstone deal

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Novavax ( NVAX ) jumps after coronavirus vaccine wins FDA approval

(Updates to 4 PM ET)

By Chibuike Oguh

NEW YORK, May 19 (Reuters) - U.S. stocks finished near

the unchanged mark on Monday with market sentiment weakened by

the downgrade of the federal government's perfect sovereign

credit rating owing to its huge debt profile.

Moody's slashed the U.S. sovereign credit rating to "Aa1"

from "Aaa" after markets closed on Friday, citing the

government's $36 trillion outstanding debt and interest.

"It is to be understood that markets were going to have a

little bit of reaction because the (Moody's) announcement was

after markets closed," said Talley Leger, chief market

strategist at The Wealth Consulting Group. "But my view is that

the 'sell-America' trade is overdone."

Equities had rebounded from declines earlier in the session

to finish near the unchanged mark.

According to preliminary data, the S&P 500

gained 5.22 points, or 0.10%, to end at 5,964.10 points,

while the Nasdaq Composite gained 4.36 points, or 0.02%,

to 19,215.46. The Dow Jones Industrial Average

rose 137.20 points, or 0.32%, to 42,791.94.

Benchmark 10-year Treasury yields gained on concerns that a

U.S. tax bill will increase the debt load by more than

previously expected. The yield on benchmark U.S. 10-year notes

rose 2.2 basis points to 4.461%.

President Donald Trump's sweeping tax-cut bill had won

approval from a key congressional committee on Sunday.

TXNM Energy ( TXNM ) rose after the utility said it would be

acquired by the infrastructure unit of Blackstone in an

$11.5-billion deal.

Novavax ( NVAX ) shares jumped after the company secured a

long-awaited U.S. regulatory approval for its COVID-19 vaccine.

Regeneron Pharmaceuticals ( REGN ) rose after it announced

it will buy genomics firm 23andMe Holding for $256 million

through a bankruptcy auction.