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Cyber Monday sales expected to hit record $11.6B – China stocks in US rally after protests triggered drop – US Stocks slump on Monday – Oil prices plunge to lowest since December 2021
Cyber Monday, the largest US online shopping day, is expected to range between $11.2 billion to a record $11.6 billion in 2022, according to a report by Adobe Analytics, per Yahoo Finance. Shoppers are expected to take advantage of the deep post-Thanksgiving markdowns to offset inflation. The projections reflect an increase of up to 8.5% from last year, when Cyber Monday’s sales fell 1.4%, a decrease that was attributed to retailers spreading out deals into early October to better manage inventories amid widespread product shortages.
Protests in China against COVID lockdowns triggered a slump in Chinese stocks listed in the US. However, a rally came later on Monday, erasing earlier losses from premarket trading, as investors were hopeful that nationwide protests that roiled China will lead to a quicker shift in Beijing’s Covid Zero policies, Bloomberg reported.
US stocks sank on Monday as the S&P 500 slumped 0.6%, while the Dow Jones Industrial Average dropped 100 points (or 0.3%), and the technology-heavy Nasdaq Composite was down by 0.6%. The decline comes after the Thanksgiving-shortened previous week saw modest gains on Wall Street, Yahoo Finance reported.
Shares of Apple were also down nearly 2 percent at Monday’s opening over concerns about protests in China.
The US dollar gained against other currencies. The benchmark 10-year U.S. Treasury was down, yielding 3.677 percent as of 10:11 AM EST, a drop of 0.025%.
US oil prices hit their lowest level in nearly a year, the lowest since December 2021, with gasoline down 6 percent in a month, as West Texas Intermediate crude oil futures, the US benchmark, slid 2.7% on Monday to trade close to $74 a barrel, CNN reported. Futures for Brent crude, the global benchmark, also dropped 2.9% to trade close to $81 a barrel, its lowest level since January.
Protests in China against COVID lockdowns triggered the price slump on concerns it will bring a drop in demand. Global oil prices have fallen roughly 35 percent since June as restrictions in China have tightened, as well as concerns over a global recession.
