Indexes fall on Chinese growth concerns
- US stocks closed lower on Monday as investors weighed China’s economic outlook.
- New Covid-related deaths in China have raised fears that strict lockdowns will be reimposed and stunt growth.
- Disney shares soared on news of Bob Iger’s return as chief executive.
US stocks closed lower on Monday to start a shortened holiday week as Covid-related deaths in China rekindled growth concerns.
Disney shares gained up to 9% on news that ousted chief executive Robert Chapek is being replaced by former CEO Bob Iger. Chapek’s tenure as CEO has been marred by a sharp decline in stocks as well as mounting losses in the streaming video business.
Meanwhile, investors are eyeing a short week of trading on Wall Street, with markets closed Thursday for the Thanksgiving holiday.
Here’s where the U.S. indices stood as the market closed at 4:00 p.m. Monday:
Here’s what else is going on:
In commodities, bonds and crypto:
- Oil prices fell after news that OPEC+ is increasing production, with West Texas Intermediate down 0.22% to $79.90 a barrel. Crude Brentthe international benchmark, fell 0.26% to $87.40 a barrel.
- Gold fell 0.69% to $1,737.70 an ounce.
- The Return over 10 years gained 2 basis points to 3.838%
- Bitcoin fell 1.23% to $15,824.69.