US stocks trade mixed as new COVID deaths in China raise growth fears again
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- US stocks opened mixed on Monday as investors weighed renewed growth concerns in China.
- New Covid-related deaths in China over the weekend raised fears that reopening plans would face a setback.
- Meanwhile, shares of Disney soared on the return of Bob Iger as chief executive, lifting the Dow Jones Industrial Average.
US stocks opened mixed on Monday as investors weighed new Covid-related deaths in China over the weekend, raising concern for growth.
China has imposed strict lockdowns for the past two years largely due to the country's zero-Covid policy. The result has been a drag on the economy and financial markets for most of 2022, and Beijing is now signaling that the current bout of rising cases is poised to be the most difficult test yet of the country's struggle with lockdowns.
Meanwhile, news that Bob Iger was returning to Disney as chief executive sent shares soaring as much as 9%, lifting the Dow Jones Industrial Average. Iger plans to stay at Disney for just two years, making a search for a successor a more pressing issue upon his return.
Here's where US indexes stood as the market opened at 9:30 a.m. on Monday:
- S&P 500: 3,961.29, down 0.10%
- Dow Jones Industrial Average: 33,850.87, up 0.31% (105.18 points)
- Nasdaq Composite: 11,088.00, down 0.52%
Here's what else is happening:
- The Fed will have trouble keeping inflation in line, according to Bill Ackman.
- The S&P 500 will bottom next year and give investors a buying opportunity, Morgan Stanley says.
- Japan says flows of liquefied natural gas will be extremely limited until 2026.
In commodities, bonds, and crypto:
- Oil prices fell, with West Texas Intermediate down 3.29% at $77.54 a barrel. Brent crude, the international benchmark, also dropped 3.29% to $84.71 a barrel.
- Gold ticked down 0.29% to $1,744.40 per ounce.
- The 10-year yield fell 3.8 basis points to 3.778%.
- Bitcoin fell 0.07% at $16,207.62
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