Wall St losses limited as Amazon gains on upbeat Cyber Monday

Wall Street‘s main indexes fell on Monday amid worries about protests in major Chinese cities against strict COVID-19 policies, although gains in Amazon helped limit losses as Cyber Monday sales were set for a record.

Shares of the e-commerce giant rose 2% following an industry report that spending on Cyber Monday, the biggest U.S. 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, however, were Apple Inc shares, which fell 1.5% after a report that the company would 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.

“If these protests continue, it could disrupt supply chains and the reopenings, a glimpse of which we saw earlier this year,” said Brian Klimke, director of investment research at Cetera Financial Group. “It will continue to weigh on investors’ minds going forward.”

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.

Trading in other growth stocks, including Microsoft Corp , Meta Platforms Inc, Nvidia Corp, Netflix Inc and Tesla Inc, were mixed.

At 10:01 a.m. ET, the Dow Jones Industrial Average was down 160.29 points, or 0.47%, at 34,186.74, the S&P 500 was down 24.31 points, or 0.60%, at 4,001.81, and the Nasdaq Composite was down 39.21 points, or 0.35%, at 11,187.15.

All three indexes ended the Thanksgiving week with gains, led by the Dow, which rose 1.78%.

Among other stocks, Biogen Inc fell 2.3% following a report of death in its experimental Alzheimer’s drug trial.

Sarepta Therapeutics Inc jumped 6.4% after the US Food and Drug Administration accepted the company’s marketing application for experimental gene therapy.

For the week, investors will keep a close watch on nonfarm payrolls for November, the second estimate for third-quarter gross domestic product and consumer confidence this month.

Declining issues outnumbered advancers for a 2.86-to-1 ratio on the NYSE and for a 1.66-to-1 ratio on the Nasdaq.

The S&P index recorded eight new 52-week highs and no new low, while the Nasdaq recorded 45 new highs and 51 new lows.

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