U.S. stocks have been falling during earlier trading sessions as a result of COVID protests in China against strict pandemic policies and limitations for the population. It all resulted in ignited worries about the infection’s global growth making major U.S. stock drop in price.
While some experts say China has already reached the point of no return, protestors took to the streets across the country earlier this weekend. People were in clashes over strict policies and anti-COVID limitations that were supposed to stop the virus spread.
As a result, lockdowns and potential disruptions from protests had a negative effect on the U.S. stock market.
It all led to the DJIA dropping by 0.4% (145 points). The S&P 500 made an even deeper dive losing 0.5% similar to NASDAQ Composite.
Apple Inc. shares lost 1.8% of their value after the report that showcased the iPhone Pro production shortfall followed by the disruption of the Foxconn plant located in Zhengzhou.
Oppositely, some retail stocks got a boost mainly thanks to a busy Thanksgiving shopping weekend all across the United States. Besides, Black Friday’s sales pushed consumers to spend even more cash establishing a new sales record. Retailers expected their sales to reach billions during yesterday’s Cyber Monday.
As a result, Walmart Inc. shares went up by 0.5%, Amazon Inc. and Target Corporation shares rose by 1.3% and 1.9% respectively. Oil and gold futures were falling.
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