S&P 500 pulls back from record | Meme stocks tank | El-Erian on Fed’s ‘transitory’ inflation call

The major averages pulled back on Monday.

VIEW IN BROWSER | SUBSCRIBE MON, DEC 13, 2021 EVENING BRIEF AS OF MON, DEC 13, 2021 • 04:50 ET DJIA 35650.95 -0.89% -320.04 S&P 500 4668.97 -0.91% -43.05 NASDAQ 15413.28 -1.39% -217.32   Most Active DOW NAME LAST CHG %CHG AAPL 175.74 -3.71 -2.07% INTC 50.00 -0.59 -1.17% KO 57.76 +1.48 +2.63% S&P 500 NAME LAST CHG %CHG AAPL 175.74 -3.71 -2.07% F 20.43 -1.02 -4.76% T 22.44 -0.40 -1.75% NASDAQ NAME LAST CHG %CHG AAPL 175.74 -3.71 -2.07% NVDA 281.61 -20.37 -6.75% AMD 133.80 -4.75 -3.43%   EDITOR'S NOTE The major averages pulled back on Monday on fears surrounding the omicron variant and apprehension over the Federal Reserve's December meeting on Tuesday and Wednesday.   After closing at a record on Friday, the S&P 500 fell 0.9% on Monday. The 500-stock index sits about 1.6% from its intraday record. The Dow Jones Industrial Average dropped 320 points and the Nasdaq Composite lost nearly 1.4% on Monday.   Reopening plays like airlines and cruise lines were among the notable losers on Monday, while vaccine makers like Moderna and Pfizer gained 5.8% and about 4.6%, respectively.    Investors are juggling many new developments on the omicron Covid variant. Israeli researchers at the Sheba Medical Center and the Health Ministry's Central Virology Laboratory concluded on Saturday that the three-shot course of the Pfizer-BioNTech Covid-19 vaccine was effective against the new omicron variant.   However, the United Kingdom confirmed Monday that an omicron patient died in the country.   "Tapering, inflation, Omicron, and the economy, this Fed meeting is a big one and after the best week since early February for stocks, some apprehension ahead of the Fed meeting isn't a surprise," said Ryan Detrick, chief market strategist at LPL Financial. All attention will be on the Fed as the central bank kicks off its two-day policy meeting on Tuesday.   The Fed is widely expected to speed up the rollback of its bond-buying program, which it put in place to prop up the economy during the pandemic. A speedier taper of the bond purchases could influence how fast the central bank raises interest rates in 2022. Maggie Fitzgerald | CNBC Markets Reporter @mkmfitzgerald Watch our live stream for all you need to know to invest smarter. TOP NEWS  S&P 500 retreats from record to start the week, Dow sheds 300 points OSHA opens probe into deadly Amazon warehouse collapse in Illinois Prime Minister Boris Johnson says at least one patient has died with the omicron Covid variant in the UK Meme stocks AMC and GameStop tumble to lowest levels in months as investors dump risky positions El-Erian says 'transitory' was the 'worst inflation call in the history' of the Fed Peloton fires back at its portrayal in 'Sex and the City' reboot with own parody ad: 'He's alive' Oppenheimer sees a 13% S&P 500 gain next year on a resilient economy, strong earnings Omicron can hit fully vaccinated, Oxford study says, as UK prepares for tidal wave of cases Goldman sees a troubling market trend under the surface, recommends high-margin stocks Harley's electric motorcycle division to go public via $1.7 billion SPAC deal   TOP VIDEO Debating Apple's stock price as the company nears a $3 trillion market cap   CNBC PRO These are the best chip stocks to ride the auto industry's EV race, Cowen says   SPECIAL REPORTS Monthly child tax credit payments will expire at the end of the year if Congress doesn't act Apple now lets you choose contacts who can access your account when you die — here's how to set it up   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2021 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 Watch our live stream for all you need to know to invest smarter.