|
As
China's strict policy aimed at stamping out COVID-19 with
lockdowns and quarantines has become a lightning rod for
frustrations, protests erupted over the weekend as a show of
solidarity with rare displays of defiance in China.
Although there were no signs of new protests in Beijing or
Shanghai on Monday, the curbs so far have led to concerns over
China's economic growth and its trickle-down effect on global
companies.
One sign of that was Apple Inc, which fell 1.8% premarket after
a media report said the company will see a production shortfall
of nearly 6 million iPhone Pro units due to unrest at Foxconn's
Zhengzhou plant.
Other mega-cap technology and growth stocks like Microsoft Corp,
Meta Platforms Inc, Nvidia Crop, Netflix Inc and Tesla Inc fell
between 0.7% and 2.2%.
At 6:24 a.m. ET, Dow e-minis were down 184 points, or 0.54%, S&P
500 e-minis were down 31.75 points, or 0.79%, and Nasdaq 100
e-minis were down 105.25 points, or 0.89%.
U.S.-listed shares of Chinese companies like Bilibili Inc,
Alibaba Group Holding Ltd, JD.com Inc, Baidu Inc and Nio Inc
lost between 0.4% and 1.7%.
"The attention to holiday shoppers continues today, albeit
online, as Cyber Monday starts. However, street protests against
zero-COVID policy in China underline a harsher reality that is
undermining market sentiment, at least for now," said Rabobank
analysts in a note.
On Friday, the Nasdaq closed lower, weighed down by Apple in a
subdued holiday-shortened trading session for Wall Street, as
investors watched Black Friday sales and COVID-19 cases in
China.
(Reporting by Ankika Biswas in Bengaluru; Editing by Savio
D'Souza)
[© 2022 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
