We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Wall Street ended lower on Monday to start a short trading week because of the Thanksgiving holiday, as fresh rounds of shutdowns due to COVID-19 in China made investors jittery. All three major indexes ended in negative territory for the third time in the past four sessions.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) fell 0.1% or 45.41 points to close at 33,700.28 points after swinging between small gains and losses almost throughout the day.
The S&P 500 declined 0.4% or 15.40 points to finish at 3,949.94 points. Consumer discretionary, energy and tech stocks were the worst performers. However, consumer staples stocks gained on Monday.
The Consumer Discretionary Select Sector SPDR (XLY) fell 1.5%, while the Energy Select Sector SPDR (XLE) lost 1.4%. The Technology Select Sector SPDR (XLK) declined 1.1%. The Consumer Staples Select Sector SPDR (XLP) gained 1% Seven of the 11 sectors of the benchmark index ended in positive territory.
The tech-heavy Nasdaq slid 1.1% or 121.55 points to end at 11,024.51 points.
The fear-gauge CBOE Volatility Index (VIX) was down 3.29% to 22.36. Decliners outnumbered advancers on the NYSE by a 1.27-to-1 ratio. On Nasdaq, a 1.60-to-1 ratio favored declining issues. A total of 9.43 billion shares were traded on Monday, lower than the last 20-session average of 11.88 billion.
Investors Concerned Over COVID-19 Resurgence in China
The holiday-shortened week started with fresh worries of rising COVID-19 cases and deaths in China, as the country gears up for yet another fight against the deadly virus. China said on Monday that it would shut down businesses, schools and other offices in places where higher cases of COVID-19 are being reported.
Also, casino stocks with operations in China suffered as a result of the growing COVID-19 worries. Shares of Wynn Resorts, Limited (WYNN - Free Report) fell 2.9%, while MGM Resorts International (MGM - Free Report) declined 2.7%.
However, some of the losses were pared after Mary Daly, San Francisco Federal Reserve President said that the Fed needs to be careful while hiking rates to avoid a “painful downturn.”
No economic data was released on Monday.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Stock Market News for Nov 22, 2022
Wall Street ended lower on Monday to start a short trading week because of the Thanksgiving holiday, as fresh rounds of shutdowns due to COVID-19 in China made investors jittery. All three major indexes ended in negative territory for the third time in the past four sessions.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) fell 0.1% or 45.41 points to close at 33,700.28 points after swinging between small gains and losses almost throughout the day.
The S&P 500 declined 0.4% or 15.40 points to finish at 3,949.94 points. Consumer discretionary, energy and tech stocks were the worst performers. However, consumer staples stocks gained on Monday.
The Consumer Discretionary Select Sector SPDR (XLY) fell 1.5%, while the Energy Select Sector SPDR (XLE) lost 1.4%. The Technology Select Sector SPDR (XLK) declined 1.1%. The Consumer Staples Select Sector SPDR (XLP) gained 1% Seven of the 11 sectors of the benchmark index ended in positive territory.
The tech-heavy Nasdaq slid 1.1% or 121.55 points to end at 11,024.51 points.
The fear-gauge CBOE Volatility Index (VIX) was down 3.29% to 22.36. Decliners outnumbered advancers on the NYSE by a 1.27-to-1 ratio. On Nasdaq, a 1.60-to-1 ratio favored declining issues. A total of 9.43 billion shares were traded on Monday, lower than the last 20-session average of 11.88 billion.
Investors Concerned Over COVID-19 Resurgence in China
The holiday-shortened week started with fresh worries of rising COVID-19 cases and deaths in China, as the country gears up for yet another fight against the deadly virus. China said on Monday that it would shut down businesses, schools and other offices in places where higher cases of COVID-19 are being reported.
Investors feared that this could slow down the global economy, sending energy stocks and oil prices lower. Shares of Exxon Mobil Corporation (XOM - Free Report) and Chevron Corporation (CVX - Free Report) each declined 1%. Exxon Mobil carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Also, casino stocks with operations in China suffered as a result of the growing COVID-19 worries. Shares of Wynn Resorts, Limited (WYNN - Free Report) fell 2.9%, while MGM Resorts International (MGM - Free Report) declined 2.7%.
However, some of the losses were pared after Mary Daly, San Francisco Federal Reserve President said that the Fed needs to be careful while hiking rates to avoid a “painful downturn.”
No economic data was released on Monday.