The main indices of Wall Street fell sharply on Monday amid concerns over protests in major Chinese cities against strict government policies. Covid-19, while apple inc fell on concerns about an impact to iPhone production.
Shares of the Cupertino, California-based tech giant weighed heavily in the benchmark index S&P 500 while worker riots at the world’s largest iPhone factory in China they stoked fears of a deeper impact on the already limited production of high-end phones.
The protests in major Chinese cities during the weekend, against the country’s strict restrictions due to COVID, have affected the growth expectations of the second largest economy in the world.
“These protests are just proof that this is some kind of moving target,” said Tom Hainlin, national investment strategist at US Bank Wealth Management in Minneapolis.
“Will China continue to really try to limit the spread of Covid or will they have a closer approach to ‘living with COVID’ that we’ve seen in the US and other countries?”
The 11 sector indices S&P 500 headed down the real estate and of Energy.
The Dow Jones Industrial Average lost 497.57 points, or 1.45%, to 33,849.46 units, while the S&P 500 it lost 61.29 points, or 1.52%, to 3,964.83 points. The Nasdaq Composite it gave up 176.86 points, or 1.58%, to 11,049.5 points.
Actions of Amazon.com Inc. They rose for much of the session on the back of an industry report that spending on Cyber Monday, the biggest day for online shopping in the United States, could hit $11.6 billion.
Shares of cryptocurrency and blockchain-related companies Coinbase Global Inc, Riot Blockchain Inc and Marathon Digital Holdings Inc fell after the bank filed for bankruptcy
BlockFithe latest casualty since FTX collapse earlier this month.
Investors will be closely watching US consumer confidence data for November this week, due on Tuesday; the government’s second estimate for third-quarter gross domestic product on Wednesday; and the creation of employment for November that will be known on Friday.
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