US open: Stocks trade lower amid Chinese unrest
By Iain Gilbert
Date: Monday 28 Nov 2022
(Sharecast News) - Wall Street stocks were in the red early on Monday amid social unrest in China stemming from the nation's ongoing Covid-19 restrictions.
As of 1535 GMT, the Dow Jones Industrial Average was down 0.54% at 34,162.94, while the S&P 500 lost 0.69% to 3,998.20 and the Nasdaq Composite came out the gate 0.71% weaker at 11,146.58.
The Dow opened 184.09 points lower on Monday, reversing gains recorded on Friday's holiday-shortened trading session.
Demonstrations across mainland China were in focus early on Monday, with people lashing out against Beijing's zero-Covid policy after local governments doubled down on measures amid surging cases, even after certain policies were loosened earlier in November.
The developments saw oil futures drop to new lows for the year, with West Texas Intermediate futures dropping 1.04% to $75.49 per barrel and Brent Crude futures slumping 1.45% to $82.42 a barrel, while shares in Apple, which has major operations in China, slipped more than 2% in early trading after a report revealed that turmoil in the tech giant's key manufacturing hub of Zhengzhou would likely lead to a production shortfall of roughly 6.0m iPhone Pro units this year.
Bucking the wider trend, retailers were in the green at the open after reports revealed that Black Friday sales smashed an online shopping record in 2022, with consumers spending an all-time high of $9.12bn online over the holiday, according to Adobe.
On the macro front, the Dallas Federal Reserve's manufacturing index increased to -14.40 points in November, up from -19.40 points in October.
Still to come, the Fed's James Bullard and John Williams will deliver speeches at 1700 GMT.
While Q3 earnings season is now mostly under wraps, Salesforce will report earnings on Wednesday.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Amgen Inc. (AMGN) $286.92 1.12%
Merck & Co. Inc. (MRK) $108.68 1.10%
Salesforce.Com Inc. (CRM) $154.15 0.52%
Coca-Cola Co. (KO) $62.97 0.44%
Walmart Inc. (WMT) $153.69 0.41%
Procter & Gamble Co. (PG) $147.26 0.37%
Johnson & Johnson (JNJ) $177.55 0.17%
Home Depot Inc. (HD) $326.84 0.14%
Honeywell International Inc. (HON) $0.00 0.00%
Dowdupont Inc. (DWDP) $0.00 0.00%
Dow Jones - Fallers
Boeing Co. (BA) $174.64 -2.09%
Chevron Corp. (CVX) $180.20 -1.91%
Apple Inc. (AAPL) $145.44 -1.80%
Walt Disney Co. (DIS) $97.47 -1.42%
Microsoft Corp. (MSFT) $244.08 -1.38%
Dow Chemical Co. (DOW) $51.04 -1.01%
Intel Corp. (INTC) $29.07 -0.94%
American Express Co. (AXP) $152.79 -0.89%
Goldman Sachs Group Inc. (GS) $385.48 -0.87%
3M Co. (MMM) $128.07 -0.75%
S&P 500 - Risers
Wynn Resorts Ltd. (WYNN) $78.47 4.73%
Target Corp. (TGT) $166.84 2.12%
Paypal Holdings Inc (PYPL) $81.71 2.04%
Regeneron Pharmaceuticals Inc. (REGN) $749.00 1.73%
Vertex Pharmaceuticals Inc. (VRTX) $318.14 1.65%
News Corp Class B (NWS) $18.88 1.61%
News Corp Class A (NWSA) $18.59 1.58%
Amazon.Com Inc. (AMZN) $94.70 1.38%
Altria Group Inc. (MO) $45.30 1.25%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $453.73 1.20%
S&P 500 - Fallers
Transdigm Group Inc. (TDG) $610.75 -4.05%
Nordstrom Inc. (JWN) $21.36 -3.46%
Biogen Inc (BIIB) $295.39 -3.20%
CenturyLink Inc. (LUMN) $5.66 -3.08%
Apache Corp. (APA) $45.06 -2.95%
Tyson Foods Inc. (TSN) $65.43 -2.82%
Western Digital Corp. (WDC) $36.29 -2.80%
Diamondback Energy Inc. (FANG) $145.32 -2.68%
Celanese Corp. (CE) $102.06 -2.47%
State Street Corp. (STT) $75.20 -2.41%
Nasdaq 100 - Risers
Trip.com Group Limited (TCOM) $27.75 6.94%
Wynn Resorts Ltd. (WYNN) $78.47 4.73%
NetEase Inc. Ads (NTES) $68.52 4.40%
Baidu Inc. (BIDU) $96.64 3.51%
Biomarin Pharmaceutical Inc. (BMRN) $99.86 3.03%
JD.com, Inc. (JD) $50.84 2.75%
Paypal Holdings Inc (PYPL) $81.71 2.04%
Regeneron Pharmaceuticals Inc. (REGN) $749.00 1.73%
Vertex Pharmaceuticals Inc. (VRTX) $318.14 1.65%
Tesla Inc (TSLA) $185.70 1.55%
Nasdaq 100 - Fallers
Qurate Retail Inc. (QRTEA) $2.17 -4.41%
Biogen Inc (BIIB) $295.39 -3.20%
Western Digital Corp. (WDC) $36.29 -2.80%
Micron Technology Inc. (MU) $57.02 -2.38%
Seagate Technology Plc (STX) $53.43 -2.32%
Dish Network Corp. (DISH) $15.69 -1.91%
DENTSPLY Sirona Inc. (XRAY) $30.91 -1.81%
Apple Inc. (AAPL) $145.44 -1.80%
Idexx Laboratories Inc. (IDXX) $404.68 -1.62%
Liberty Global plc Series C (LBTYK) $20.44 -1.52%
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