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Cyber Monday spending to hit $11.6 bln - report
Crypto shares fall on BlockFi bankruptcy filing
Biogen down after death in Alzheimer drug trial
Indexes end: S&P 500 -1.54%, Nasdaq -1.58%, Dow -1.45%
Nov 28 (Reuters) -
U.S. stocks ended sharply lower on Monday after protests in
major Chinese cities against strict COVID-19 policies sparked
concerns about economic growth, while Apple Inc slid on
worries about a hit to iPhone production.
Shares of the Cupertino, California tech giant lost 2.6% and
weighed heavily on the benchmark S&P 500 index as worker
unrest at the world's biggest iPhone factory in China fanned
fears of a deeper hit to the already constrained production of
Rare protests in major Chinese cities over the weekend
against the country's strict zero-COVID curbs are exacerbating
worries about growth in the world's second-largest economy.
"These protests are just evidence that this is a kind of a
moving target where, will China continue to try to really
constrain COVID's spread?" said Tom Hainlin, national investment
strategist at U.S. Bank Wealth Management in Minneapolis.
"Or will they have more of a 'living with COVID' approach
that we've seen in the United States and other countries?"
"We think COVID itself and China's policy is one of the key
variables for 2023 that would influence stock prices and
investors," Hainlin said.
All 11 S&P 500 sector indexes declined, led by real
estate, down 2.81%, and a 2.74% loss in energy
U.S. shares of Pinduoduo Inc surged 12.6% after the
Chinese e-commerce platform beat estimates for third-quarter
revenue, helped by COVID-related lockdowns in the country that
forced consumers to shop online. U.S. shares of other Chinese
technology companies also rose, with Baidu and Tencent
Holdings each gaining over 2%.
The S&P 500 declined 1.54% to end the session at
The Nasdaq Composite Index declined 1.58% to
11,049.50 points, while Dow Jones Industrial Average fell
1.45% to 33,849.46 points.
With two trading days left in November, the S&P 500 is
on track for a gain of 2.4% for the month.
Shares of Amazon.com Inc rose 0.6% after an
industry report estimated spending during Cyber Monday, the
biggest U.S. online shopping day, would rise to as much as $11.6
Trading was mixed in other heavyweight growth stocks,
including Microsoft Corp, Meta Platforms Inc,
Nvidia Corp and Tesla Inc.
Biogen Inc fell following a report of death during
a clinical study of its experimental Alzheimer's drug.
Shares of cryptocurrency and blockchain-related companies
Coinbase Global Inc, Riot Blockchain Inc and
Marathon Digital Holdings Inc each fell about 4%
following lender BlockFi's bankruptcy filing, the latest
casualty since FTX's collapse earlier this month.
This week, investors will keep a close watch on November
U.S. consumer confidence data, due on Tuesday; the government's
second estimate for third-quarter gross domestic product, due on
Wednesday; and November nonfarm payrolls due on Friday.
Declining stocks outnumbered rising ones within the S&P
500 by a 12.2-to-one ratio.
The S&P 500 posted 12 new highs and two new lows; the
Nasdaq recorded 93 new highs and 174 new lows.
Volume on U.S. exchanges was relatively light, with 9.3
billion shares traded, compared to an average of 11.3 billion
shares over the previous 20 sessions.
(Reporting by Ankika Biswas and Shreyashi Sanyal in Bengaluru
and by Noel Randewich in Oakland, Calif.; Editing by Shounak
Dasgupta, Anil D'Silva and Richard Chang)