Breaking News
Investing Pro 0
New Year’s SALE: Up to 40% OFF InvestingPro+ CLAIM OFFER

Wall Street ends down sharply, hit by Apple and China worries

Stock Markets Nov 29, 2022 12:30
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Raindrops hang on a sign for Wall Street outside the New York Stock Exchange in Manhattan in New York City, New York, U.S., October 26, 2020. REUTERS/Mike Segar/File Photo/File Photo
 
US500
+0.25%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
AAPL
+1.37%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
SPX
+0.25%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Ankika Biswas and Noel Randewich

(Reuters) - U.S. stocks ended sharply lower on Monday after protests in major Chinese cities against strict COVID-19 policies sparked concerns about economic growth, while Apple Inc (NASDAQ:AAPL) slid on worries about a hit to iPhone production.

Shares of the Cupertino, California tech giant lost 2.6% and weighed heavily on the benchmark S&P 500 index as worker unrest at the world's biggest iPhone factory in China fanned fears of a deeper hit to the already constrained production of higher-end phones.

Rare protests in major Chinese cities over the weekend against the country's strict zero-COVID curbs are exacerbating worries about growth in the world's second-largest economy.

"These protests are just evidence that this is a kind of a moving target where, will China continue to try to really constrain COVID's spread?" said Tom Hainlin, national investment strategist at U.S. Bank Wealth Management in Minneapolis.

"Or will they have more of a 'living with COVID' approach that we've seen in the United States and other countries?"

"We think COVID itself and China's policy is one of the key variables for 2023 that would influence stock prices and investors," Hainlin said.

All 11 S&P 500 sector indexes declined, led by real estate, down 2.81%, and a 2.74% loss in energy.

U.S. shares of Pinduoduo Inc surged 12.6% after the Chinese e-commerce platform beat estimates for third-quarter revenue, helped by COVID-related lockdowns in the country that forced consumers to shop online. U.S. shares of other Chinese technology companies also rose, with Baidu (NASDAQ:BIDU) and Tencent Holdings each gaining over 2%.

The S&P 500 declined 1.54% to end the session at 3,963.95 points.

The Nasdaq Composite Index declined 1.58% to 11,049.50 points, while Dow Jones Industrial Average fell 1.45% to 33,849.46 points.

With two trading days left in November, the S&P 500 is on track for a gain of 2.4% for the month.

Shares of Amazon.com Inc (NASDAQ:AMZN) rose 0.6% after an industry report estimated spending during Cyber Monday, the biggest U.S. online shopping day, would rise to as much as $11.6 billion.

Trading was mixed in other heavyweight growth stocks, including Microsoft Corp (NASDAQ:MSFT), Meta Platforms Inc, Nvidia Corp and Tesla (NASDAQ:TSLA) Inc.

Biogen Inc (NASDAQ:BIIB) fell following a report of death during a clinical study of its experimental Alzheimer's drug.

Shares of cryptocurrency and blockchain-related companies Coinbase (NASDAQ:COIN) Global Inc, Riot Blockchain Inc and Marathon Digital Holdings Inc each fell about 4% following lender BlockFi's bankruptcy filing, the latest casualty since FTX's collapse earlier this month.

This week, investors will keep a close watch on November U.S. consumer confidence data, due on Tuesday; the government's second estimate for third-quarter gross domestic product, due on Wednesday; and November nonfarm payrolls due on Friday.

Declining stocks outnumbered rising ones within the S&P 500 by a 12.2-to-one ratio.

The S&P 500 posted 12 new highs and two new lows; the Nasdaq recorded 93 new highs and 174 new lows.

Volume on U.S. exchanges was relatively light, with 9.3 billion shares traded, compared to an average of 11.3 billion shares over the previous 20 sessions.

Wall Street ends down sharply, hit by Apple and China worries
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email