Stocks close lower, Dow drops nearly 500 points as supply chain concerns mount amid China protests; European markets close lower as Covid protests in China continue; oil stocks drop
Stocks closed lower Monday as social unrest from China’s prolonged Covid restrictions weighed on markets.
The Dow Jones Industrial Average lost 497.57 points, or 1.45%, to end at 33,849.46. The S&P 500 dropped 1.54% to end at 3,963.94. The Nasdaq Composite ended down 1.58% to close at 11,049.50.
Shares of companies with big production facilities in China were under pressure. Apple dropped 2.6% after Bloomberg reported that unrest at a factory in China could mean 6 million fewer iPhone Pro units for the year.
The pan-European Stoxx 600 was down 0.7% by the market close, with oil and gas stocks shedding 1.4% to lead losses as most sectors and major bourses closed in the red.
Source: CNBC, Investing.com