Hopefully everyone had a good Thanksgiving break. I thought it was time to start documenting my daily stock market review as I'm starting to get back into trading as we close out the year. We have been in a bear market this year so today was not much different as stocks closed lower as social unrest from China’s prolonged Covid restrictions weighed on markets.
Monday’s selloff was primarily driven by demonstrations that broke out in China. These protest were people are venting their frustrations with Beijing’s zero-Covid policy and more broadly the communist party. In recent times local governments tightened Covid controls as cases surged due to Omicron. The protest started after a fire killed several people who were in lockdown.
These developments impacted global markets in Monday trading, with crude futures briefly dipping to their lowest price since last December. Shares of companies with productionin China were also under pressure.
The Dow Jones Industrial Average lost 497.57 points, or 1.45%, to end at 33,849.46.
The S&P 500 dropped 1.54% to end at 3,963.94.
The Nasdaq Composite ended down 1.58% to close at 11,049.50.
Markets are already spooked as investors await economic data coming later this week that will offer further information on the state of the U.S. economy and speeches from Fed Chair Jerome Powell. Even though the market was red today we had some professionals start to change their tune on markets. According to Tom Lee, head of research at Fundstrat Global Advisors several headwinds that pummeled the stock market in 2022 have turned into tailwinds, setting the stage for a rally in U.S. equities heading into year-end. It sure does not feel like it, but I agree with this theory. I have started to position my portfolio crypto included with some more bullish mid to long term plays.
I have some cola stocks. It's the most reliable one in my portfolio, dividends so regular !
I was in tech and indexes which have all been hit hard. I'm starting to DCA back into some of my favorite stocks.
Stocks generally seems to be performing low in the market
Same as crypto though. Everything is down bad.
I was actually thinking about the protests the other day and I was on the fence about them. When people were doing it in the US, I felt they were being babies about the whole thing. Then this happens in China and I am actually cheering for them. I think it's more than just the Covid thing. I am guessing it is years of oppression boiling to the top, but still good for them!
I feel the same way it's odd... I think it's more about the communist party. I also find it tough because they refuse to use proper vaccines and reasonable policies.
For sure. I just know I had to check my knee jerk reaction.
Congratulations @cryptictruth! You have completed the following achievement on the Hive blockchain And have been rewarded with New badge(s)
Your next target is to reach 52000 upvotes.
You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPCheck out the last post from @hivebuzz: