At actions From United States closed sharply lower on Monday after protests in major Chinese cities against strict control policies Covid-19 sparked concerns about economic growth, while Apple Inc fell on concerns over iPhone production.
Shares in the tech giant fell 2.6% and weighed heavily on the S&P 500 index, as workers unrest at the world’s largest iPhones in China, prompting fears of a deeper impact on already constrained production of high-end phones.
Unusual protests in major Chinese cities over the weekend against the country’s strict Covid restrictions are exacerbating concerns about growth in the world’s second-largest economy.
“Are these protests just evidence that this is a kind of moving target, where China will continue to really try to restrict the spread of Covid?” said Tom Hainlin, national investment strategist at US 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?”
All 11 S&P 500 sector indices fell, led by real estate, down 2.81%, and a 2.74% loss in the energy sector.
O S&P 500 🇧🇷SPX) fell 1.54% to end the session at 3,963.95 points. O nasdaq 🇧🇷US100) fell 1.58% to 11,049.50 points, while the Dow Jones 🇧🇷DJI) retreated 1.45% to 33,849.46 points.
With two trading sessions left in November, the S&P 500 is on course for a 2.4% gain for the month.
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Source: Moneytimes
I am an author and journalist with a focus on market news. I have worked for a global news website for the past two years, writing articles on a range of topics relating to the stock market. My work has been published in international publications and I have delivered talks at both academic institutions and business conferences around the world.
