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US stocks retreated amid growing worries that China could tighten Covid curbs after reported deaths over the weekend. Concerns about the growth outlook in the US as the Fed policymakers vow to fight inflation also continue to direct decisions by most investors.
The technology sector dragged S&P 500 lower. The tech-heavy Nasdaq 100, which is typically more sensitive to interest rates, was pushed lower by declines in Apple Inc., Tesla Inc. and Amazon.com Inc.. Walt Disney Co. defied the risk-off sentiment that swept markets after it brought back former leader Bob Iger to replace his successor Bob Chapek as chief executive officer.
Crude futures trimmed their losses after Saudi Arabia denied a report that it is discussing an oil-production increase for December’s OPEC+ meeting. The dollar gained as investors sought haven assets. Treasury yields dipped.
The offshore yuan weakening against the dollar on Monday is the “largest negative macro factor price driver for the S&P 500.
