Wall Street witness limited losses on Amazon’s gains

Wall Street’s indexes fell on Monday amid growing concerns about protests in China against the government’s strict COVID-19 restrictions, although Amazon’s gains helped limit losses as Cyber Monday sales are closer to record figures.

Amazon’s shares rose 2% following an industry report that spending on Cyber Monday, the biggest US online shopping day, might go as high as $11.6 billion, encouraged by some of the biggest discounts and deals to attract inflation-wary consumers.

The biggest drag on the benchmark S&P 500 index were Apple shares, which fell 1.5% after a report that the company could see a further shortfall in production due to unrest at the world’s biggest iPhone factory in China.

Rare protests in major Chinese cities over the weekend against the country’s strict zero-COVID curbs have hit growth expectations in the world’s second-largest economy.

The S&P 500 energy index fell 2.5% and led declines among main sectors, as oil prices dropped close to their lowest this year after news of China protests.