Wall Street ends lower, China and Apple weigh

Written November 28, 2022 at 22:20

*

Dow Jones gives 1.45%, S&P-500 1.54% and Nasdaq 1.58%

NEW YORK, Nov 28 (Reuters) – The New York Stock Exchange ended lower on Monday as investors worried about the situation in China, where violent protests against health restrictions linked to the COVID-19 epidemic could weigh on the country’s economy and affect business supply chains.

The Dow Jones index fell 1.45% or 497.57 points to 33,849.46 points.

The broader S&P-500 lost 62.17 points, or 1.54%, to 3,963.95.

The Nasdaq Composite, for its part, fell by 176.86 points (-1.58%) to 11,049.50 points.

In China, where clashes broke out on Sunday between the police and demonstrators dissatisfied with the health restrictions imposed by the authorities for three years, the protest movement has spread to many cities, including the capital Beijing.

In addition to this movement of anger, unprecedented since the 1989 uprising in Tiananmen Square, the lockdowns imposed by the Chinese authorities to control the resurgence of the COVID-19 epidemic are causing new tensions in supply chains, which risk weighing on foreign business activity. .

“We believe that COVID and China’s COVID policy is one of the key variables that will affect equity markets and investors in 2023,” said Tom Hainlin, investment strategist at US Bank Wealth Management in Minneapolis.

Thus, the title Apple lost 2.62% on Wall Street on Monday after information from the Bloomberg agency, according to which the disruptions at the factory of its subcontractor Foxconn in Zhengzhou could cut the production of the iPhone Pro by almost six million units.

* Reminder about the session in Europe:

* MUST FOLLOW Tuesday: (Written by Sinéad Carew and Karen Brettell, French version Tangi Salaün)

Leave a Comment