- 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.
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.