Stocks Take A Hit As Wall Street Eyes China Covid Unrest

Last week's mostly upbeat sentiment was forgotten on Monday as investors anxiously eyed the pushback the Chinese government is receiving for its prolonged Covid-19 restrictions. This unrest reverberated through global markets, denting tech amid reports that demonstrations at an Apple (AAPL) factory in China could severely affect iPhone Pro production.

In response, the Dow shed 497 points, while the Nasdaq and S&P 500 both lost over 1%. Meanwhile, investors are looking ahead to a spate of economic data due out this week, including the November labor report and personal consumption data, as well as speeches from Fed Chair Jerome Powell and other central bank leaders. 

The Dow Jones Industrial Average (DJI - 33,849.46) lost 497.6 points or 1.5% for the day. Merck (MRK) paced the gainers with a 0.9% win. Boeing (BA) led the laggards with a 3.7% loss.  

The S&P 500 Index (SPX - 3,963.94) lost 62.2 points, or 1.5% for the day, while the Nasdaq Composite Index (IXIC - 11,049.50) shed 176.9 points, or 1.6%.

Lastly, the Cboe Volatility Index (VIX - 22.2) added 1.7 points or 8.3% for the session.





Oil prices settled off their lowest level in 2022, as investors brushed off tensions in China and declining demand concerns. The front-month, January-dated crude added 96 cents, or 1.3%, to trade at $77.24 per barrel after earlier slipping back below the $75 mark.

The unrest in China also made gold prices volatile, and the precious metal wound up settling lower. December-dated gold shed $13.70 or roughly 0.8%, to settle at $1,740.30 an ounce.

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