US stocks have opened depressed by anti-lockdown protests in China, but losses are being limited by record-breaking Cyber Monday sales from Amazon.
Cyber Monday helps rally downcast Wall St
Wall Street’s main indexes have fallen amid worries about protests in major Chinese cities against strict COVID-19 policies, although gains in Amazon helped limit losses as Cyber Monday sales were set for a record.
Shares of the e-commerce giant rose two per cent following an industry report that spending on Cyber Monday, the biggest US online shopping day, might go as high as $US11.6 billion ($A17.3 billion), encouraged by some of the biggest discounts and deals to attract inflation-wary consumers.
The biggest drag on the benchmark S&P 500 index, however, were Apple Inc shares, which fell 1.5 per cent after a report that the company would see a further shortfall in production due to unrest at the world’s biggest iPhone factory in China.
Rare protests in major Chinese cities over the weekend against the country’s strict zero-COVID curbs have hit growth expectations in the world’s second-largest economy.