Monday, 17 June 2024

US STOCKS-Wall Street slips as concerns rise of stricter China COVID curbs


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Wall Street’s main indexes ended Monday roughly down on fears that China could resume stricter measures to fight COVID-19 after it said it faces its most severe test of the pandemic, Reuters reported.
“There is this fear that China might reinstitute some of the COVID restrictions that they’ve just purportedly started to lift,” said Carol Schleif, deputy chief investment officer at BMO Family Office.
U.S. casino operators with businesses in China including Wynn Resorts Ltd WYNN.O, Las Vegas Sands Corp LVS.N, MGM Resorts International MGM.N and Melco Resorts & Entertainment Ltd MLCO.O all fell at least 2%.
The Dow Jones Industrial Average .DJI fell 45.41 points, or 0.13%, to 33,700.28, the S&P 500 .SPX lost 15.4 points, or 0.39%, to 3,949.94 and the Nasdaq Composite .IXIC dropped 121.55 points, or 1.09%, to 11,024.51.
Trading volume was low on Monday, and likely to lessen towards the Thanksgiving holiday on Thursday, leaving markets more prone to volatility.
Volume on U.S. exchanges was 9.43 billion shares, compared with the 11.88 billion average for the full session over the last 20 trading days.