The Dow has plunged more than 100 points as investors grapple with protests that have engulfed China. This will affect the economy and oil demand.
As of 21:40 Thai time, the Dow Jones Industrial Average was 34,236.01 points, down 111.02 points or 0.32%.
Energy stocks drove the market lower. In line with crude oil contracts which have continued to decline, most recently WTI fell to $74, while Brent crude fell to $81.
The Chinese are rioting to protest the government’s zero COVID policy. gathering on the streets of various cities. These include Shanghai, Beijing, Wuhan, Chengdu, Xi’an and Nanjing to express displeasure that the government continues to block cities. affecting people’s lives While some protesters have called for the resignation of President Xi Jinping.
However, retail stocks are expected to rebound. In response to booming sales during the Thanksgiving season.
Adobe Analytics said online consumer spending on Cyber Monday rose 5.2% to $11.2 billion today. which is the highest level in history
Cyber Monday is the day Americans shop online most of the year. This was driven by several stores cutting prices to boost sales towards the end of the year.
Additionally, Adobe revealed that consumers spent $9.12 billion online on Black Friday and $5.29 billion on Thanksgiving. which is also the highest level ever recorded.
According to the National Retail Federation (NRF), an estimated 166.3 million Americans plan to shop from Thanksgiving to Cyber Monday this year.
Investors are keeping tabs on the release of US third-quarter gross domestic product (GDP) on Nov. 30 and nonfarm payrolls on Dec. 2.
