Prices are down again for Wall Street today as fears of the COVID-19 outbreak in China add to concerns about aggressive US interest rate hikes. The Dow Jones Industrial Average, back from the sharpest decline since 2020, drops 309 points with a percentage drop of 0.89%. The S&P 500 is down by 0.99% and the Nasdaq by 0.47%. China is struggling to contain its worst Covid wave that continues despite tough lockdowns in Shanghai. Over the weekend, the capital Beijing warned that the virus has been spreading unnoticed for about a week.
News coming from China weighing on oil with WTI down by 5% in the $ 97 area. Among the big names on Wall Street, drops in the order of 1% for Apple, Tesla and Netflix. Among the banks, a 2.8% drop for Bank of America.