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S&P 500 Pulls Back As Traders Worry That China’s COVID Curbs May Hurt Global Growth

Skylar Shaw

Nov 22, 2022 15:49

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At the beginning of the week, the S&P 500 is declining

As traders worried that the growing number of coronavirus infections in China might hinder global economy and cause further supply chain issues, the S&P 500 retreated toward the 3940 level. The heavily tech-weighted NASDAQ Composite fell more than 1% as a result of a significant sell-off in the tech industry.


Energy stocks, which have come under intense pressure since a WSJ story said that Saudi Arabia and other OPEC+ members may negotiate a production increase of 500,000 bpd, were the main driver of today's decline.


Saudi Arabia has categorically refuted this allegation, and WTI oil has now risen back around the $80 mark after falling as low as $75.50. Energy stock prices, meanwhile, continued to decline. In today's trading session, shares of Diamondback Energy, Halliburton, and Marathon Oil fell by 3% to 5%.


Leading tech stocks have decreased today as well. Tesla, which is vulnerable to news out of China, fell 6% and hit annual lows below $170.


Following Bob Iger's appointment as CEO once again, Disney stock opened close to $100. After the huge increase, the stock fell towards the $97 mark as investors took their profits.


From a broad perspective, additional encouraging triggers are required for the S&P 500 to keep rising. Before Thanksgiving, when trading activity is often slower, it is to be seen whether traders would discover such catalysts.

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