China’s zero-COVID policy is weighing on the economy.
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US stocks closed lower Monday with investors weighing China’s economic outlook.
New Covid-relates deaths in China raised fears that strict lockdowns would be reimposed and curb growth.
Disney stock climbed on news of Bob Iger’s return as chief executive.
US stocks closed lower Monday to begin a holiday-shortened week as Covid-related deaths in China renewed growth concerns.
Disney stock gained as much as 9% on news that ousted Chief Executive Robert Chapek is being replaced by former CEO Bob Iger. Chapek’s tenure as CEO was marred by a steep decline in the stock as well as mounting losses at the streaming-video business.
Meanwhile, investors are looking ahead to a short week of trading on Wall Street, with markets closed on Thursday for the Thanksgiving holiday.
Here’s where US indexes stood as the market closed at 4:00 p.m. on Monday:
S&P 500: 3,949.94, down 0.39%Dow Jones Industrial Average: 33,700.28, down 0.13% (45.41 points)Nasdaq Composite: 11,024.51, down 1.09%
Here’s what else is happening:
Economist and New York Times opinion writer Paul Krugman doesn’t think interest rates will remain elevated. The stock market could soar 20% next year as inflation abates, Wharton professor Jeremy Siegel said. Stocks may still be far from a market bottom, according to Goldman Sachs’ chief equities strategist.
In commodities, bonds, and crypto:
Oil prices dipped on news that OPEC+ lift production, with West Texas Intermediate down 0.22% at $79.90 a barrel. Brent crude, the international benchmark, dropped 0.26% to $87.40 a barrel.Gold declined 0.69% to $1,737.70 per ounce.The 10-year yield gained 2 basis points to 3.838%Bitcoin fell 1.23% to $15,824.69.