Here are the headlines from Monday's Bloomberg Market Report.
Legislation to curb the size of big banks could threaten a new trade agreement between the United States and the European Union, according to a letter to lawmakers sent by American CEOs. Executives say the measures would jeopardize U.S. competitiveness, while proponents of so-called "Too Big To Fail Legislation" say it's necessary to protect American taxpayers from financial crisis.
U.S. manufacturing unexpectedly contracted last month. The Institute for Supply Management's factory index fell to its lowest reading in nearly four years, as federal budge cuts and struggling overseas markets curbed U.S. manufacturing.
It was a rough day for Pandora. Shares fell the most in six months after the New York Times reported Apple plans to unveil its competing music service in a matter of days. The Time says Apple wants to roll out the iRadio Service at its annual developer conference, which starts next Monday.