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Wall Street ends down sharply, hit by Apple and China worries

Stock Markets Nov 28, 2022 08:31PM ET
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© Reuters. FILE PHOTO: Raindrops hang on a sign for Wall Street outside the New York Stock Exchange in Manhattan in New York City, New York, U.S., October 26, 2020. REUTERS/Mike Segar/File Photo/File Photo
 
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By Ankika Biswas and Noel Randewich

(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 (NASDAQ:AAPL) 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 higher-end phones.

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 (NASDAQ:PDD) 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 (NASDAQ:BIDU) and Tencent Holdings (OTC:TCEHY) each gaining over 2%.

The S&P 500 declined 1.54% to end the session at 3,963.95 points.

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 (NASDAQ:AMZN) 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 billion.

Trading was mixed in other heavyweight growth stocks, including Microsoft Corp (NASDAQ:MSFT), Meta Platforms Inc, Nvidia (NASDAQ:NVDA) Corp and Tesla (NASDAQ:TSLA) Inc.

Biogen Inc (NASDAQ:BIIB) fell following a report of death during a clinical study of its experimental Alzheimer's drug.

Shares of cryptocurrency and blockchain-related companies Coinbase (NASDAQ:COIN) Global Inc, Riot Blockchain (NASDAQ:RIOT) 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.

Wall Street ends down sharply, hit by Apple and China worries
 

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Comments (16)
Dave Jones
Dave Jones Nov 28, 2022 5:32PM ET
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You ain't getting your iPhones any time soon!
Jack Bouwsn
Jack Bouwsn Nov 28, 2022 5:32PM ET
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Get Huawei instead…but no wait… :D
Jimmy Tsang
Jimmy Tsang Nov 28, 2022 3:38PM ET
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Reuter, Bloomberg are the key drivers keep saying negative things to push the market down
Jimmy Tsang
Jimmy Tsang Nov 28, 2022 3:37PM ET
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Apple should be up if the demand is so high, right? Everyone is waiting to buy the new iphone should expect Apple to go up instead!
First Last
First Last Nov 28, 2022 3:37PM ET
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"protests in major Chinese cities" means supply problems for AAPL
Jack Bouwsn
Jack Bouwsn Nov 28, 2022 3:37PM ET
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Who said that ‚,the demand is so high‘‘, because it isnt?! It is even lower than apple expected for 2022 (iPhone 14) at about -10 Mio. pieces and they blame the strong USD which leads to a much higher selling price outside the US for it. The last 4-5 weeks of this year wont fix this HUGE lack in demand even with Xmas.
Dave Jones
Dave Jones Nov 28, 2022 3:37PM ET
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Why not go after the spammers with the same vim and vigour?
First Last
First Last Nov 28, 2022 3:37PM ET
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Dave Jones  Because "don't feed the trolls".
Jim Divers
Jim Divers Nov 28, 2022 3:35PM ET
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They have no clue why market is down. Just need to write something. So sad!
First Last
First Last Nov 28, 2022 3:35PM ET
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Let's wait for better clues posted to be posted here in the comments before taking Reuters to task.
Jimmy Tsang
Jimmy Tsang Nov 28, 2022 3:34PM ET
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All the Chinese stocks are up in the US market, the media says China worry to drag the market down??
First Last
First Last Nov 28, 2022 3:34PM ET
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In the last 1 1/2 week, Chinese stocks were down while US stocks were up.  Today is just a minor reversion.
Jimmy Tsang
Jimmy Tsang Nov 28, 2022 3:32PM ET
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Medias would just use any excuse to make up stories to push the market down!
Tom Michaels
Tom Michaels Nov 28, 2022 3:26PM ET
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Every excuse in the book.
Rubbing Hands
Rubbing Hands Nov 28, 2022 2:28PM ET
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get in bed with China and you get cooties. time to source elsewhere. you would think companies would learn after 3yrs of supply shortages. maybe they will learn after they can't supply at all.
Nov 28, 2022 1:45PM ET
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can you explain somebody me about this business app
Warm Camp
Warm Camp Nov 28, 2022 1:20PM ET
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Oil is up actually, while the market is down because of dismal Thanksgiving sales. Totally misleading coverage today.
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Mary Mullin
Mary Mullin Nov 28, 2022 1:20PM ET
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First Last
First Last Nov 28, 2022 1:20PM ET
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Mary Mullin   You guys are wong.  "In-store traffic ticked up 2.9% at brick-and-mortar retailers versus 2021, according to preliminary data compiled by Sensormatic Solutions." -- bloomberg
First Last
First Last Nov 28, 2022 1:20PM ET
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"Adobe’s numbers are not adjusted for inflation, but the company says demand is growing even when inflation is factored in.  ...  Mastercard SpendingPulse, which tracks spending across all types of payments including cash and credit card, said that overall sales on Black Friday rose 12% from the year-ago. Sales at physical stores rose 12%, while online sales were up 14%." --  abcnews
Mary Mullin
Mary Mullin Nov 28, 2022 1:20PM ET
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wrong! stores are selling at deep discounts, so not much profits made.
First Last
First Last Nov 28, 2022 1:20PM ET
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Mary Mullin   I said "record high sales", not record high profits.  If you can't tell the difference, ...
 
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