Dow Falls 45 Points To Kick Off Holiday-Shortened Week

After waffling at the breakeven during the back half of Monday's session, the Dow eventually settled with a 45-point loss. The S&P 500 and Nasdaq, meanwhile, remained firmly in the red, with the latter logging a triple-digit drop as energy and oil stocks plummeted. The possibility of newly ramped-up Covid-19 restrictions in China, following the country's first Covid-related death in six months, pressured sentiment lower, while the Fed's next move is still very much in focus. A bright spot was Walt Disney's (DIS) announcement that former CEO Bob Iger would return to the role. 

The Dow Jones Industrial Average (DJI - 33,700.28) lost 45.4 points or 0.1% for the day. Walt Disney (DIS) paced the gainers with a 6.3% win. Intel (INTC) led the laggards with a 3.1% loss.

The S&P 500 Index (SPX - 3,949.94) shed 15.4 points, or 0.4% for the day, while the Nasdaq Composite Index (IXIC - 11,024.51) fell 121.6 points or 1.1%.

Lastly, the Cboe Volatility Index (VIX - 22.36) shed 0.8 points or 3.3% for the session.





The possibility of more lockdowns, compounded by news that the Organization of the Petroleum Exporting Countries (OPEC), including Saudi Arabia, could be planning to raise output by 500,000 barrels per day, sent oil prices spiraling midday. December-dated crude earlier fell to a 10-month low, but end up settling the day with a more muted 35 cent, or 0.4%, loss to trade at $79.73 per barrel.

News of the worsening Covid-19 situation in China, as well as strength for the U.S. dollar, sank gold prices on Monday. December-dated gold lost $14.80 or roughly 0.8%, to settle at $1,739.60 an ounce.

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