The New York stock market ended lower on Monday as new coronavirus cases emerged in China, in an already anemic market at the start of a week cut short by the weekend in the US, AFP reported.
The Dow Jones lost 0.13%, the Nasdaq lost 1.09% and the S&P 500 fell 0.39%.
“It’s a short week in the United States, markets are closed Thursday for Thanksgiving,” recalled Edward Jones’ Angelo Kourkafas, which he said explains the lack of activity in the New York market.
Briefing.com analysts believe that a sharper decline in indices at the end of the session is due to higher bond rates and strengthening of the dollar.
After cutting to 3.75%, the yield on the 10-year U.S. Treasury note rose to 3.84% from 3.82% on Friday.
“The atmosphere was more risk-aware today,” Angelo Kourkafas summarized, mainly due to the return of Covid-19 in China.
China’s National Health Commission (NHC) reported on Monday a new peak in infections since late April, with 24,730 new cases. The infection rate has more than doubled in a week.
The technology sector suffered the most: Apple (-2.17%), Amazon (-1.78%), Alphabet (-2.01%) and Meta (-1.95%).
Mary Robinson is a renowned journalist in the field of Automobile. She currently works as a writer at 247 news reel. With a keen eye for detail and a passion for all things Automotive, Mary’s writing provides readers with in-depth analysis and unique perspectives on the latest developments in the field.