Stocks Fall to Start Thanksgiving Week

Stocks fell in a volatile session on Monday to start a short trading week due to the Thanksgiving holiday.

Fears that China may re-tighten COVID restrictions after reports of deaths from the virus weighed on markets, sending energy stocks and oil prices down. Traders were also looking for further signals from the Federal Reserve on future rate hikes.

The Dow Jones Industrial Average lost 45.41 points to 33,700.28, although losses on the index were pared by a jump in Disney shares.

The S&P 500 fell 15.4 points to 3,949.94.

The NASDAQ lost 121.55 points, or 1.1%, to 11,024.51.

Disney shares rose 6.3% after the company announced that former CEO Bob Iger will return to the entertainment giant’s leadership immediately, replacing Bob Chapek. Iger’s return to Disney caps a short and difficult tenure for Chapek, who took over as CEO in February 2020.

The New York Stock Exchange will be closed Thursday for Thanksgiving and will have a shortened trading day on Friday. This week, traders will digest additional statements from the Federal Reserve, as well as earnings reports from Best Buy, Nordstrom, Dick’s Sporting Goods and Dollar Tree.

Energy stocks fell along with oil prices after a Wall Street Journal report said Saudi Arabia and other OPEC+ producers may increase production by 500,000 barrels per day. Oil flow during the war in Ukraine. It would also be a reversal from the group’s decision to cut output last month.

10-year Treasury yields eased, pushing the yield to 3.83% from 3.81% on Friday. Treasury prices and yields move in opposite directions.

The price of oil remained minus 34 cents and was 79.74 dollars/barrel.

The price of one ounce of gold fell by $13.90 to $1,740.50.