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Zacks Equity Research November 22, 2022
CVX XOM WYNN MGM
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Wall Street ended lower on Monday to start a short trading week because of the Thanksgiving holiday, as fresh rounds of shutdowns due to COVID-19 in China made investors jittery. All three major indexes ended in negative territory for the third time in the past four sessions.
The Dow Jones Industrial Average (DJI) fell 0.1% or 45.41 points to close at 33,700.28 points after swinging between small gains and losses almost throughout the day.
The S&P 500 declined 0.4% or 15.40 points to finish at 3,949.94 points. Consumer discretionary, energy and tech stocks were the worst performers. However, consumer staples stocks gained on Monday.
The Consumer Discretionary Select Sector SPDR (XLY) fell 1.5%, while the Energy Select Sector SPDR (XLE) lost 1.4%. The Technology Select Sector SPDR (XLK) declined 1.1%. The Consumer Staples Select Sector SPDR (XLP) gained 1% Seven of the 11 sectors of the benchmark index ended in positive territory.
The tech-heavy Nasdaq slid 1.1% or 121.55 points to end at 11,024.51 points.
The fear-gauge CBOE Volatility Index (VIX) was down 3.29% to 22.36. Decliners outnumbered advancers on the NYSE by a 1.27-to-1 ratio. On Nasdaq, a 1.60-to-1 ratio favored declining issues. A total of 9.43 billion shares were traded on Monday, lower than the last 20-session average of 11.88 billion.
The holiday-shortened week started with fresh worries of rising COVID-19 cases and deaths in China, as the country gears up for yet another fight against the deadly virus. China said on Monday that it would shut down businesses, schools and other offices in places where higher cases of COVID-19 are being reported.
Investors feared that this could slow down the global economy, sending energy stocks and oil prices lower. Shares of Exxon Mobil Corporation (XOM – Free Report) and Chevron Corporation (CVX – Free Report) each declined 1%. Exxon Mobil carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Also, casino stocks with operations in China suffered as a result of the growing COVID-19 worries. Shares of Wynn Resorts, Limited (WYNN – Free Report) fell 2.9%, while MGM Resorts International (MGM – Free Report) declined 2.7%.
However, some of the losses were pared after Mary Daly, San Francisco Federal Reserve President said that the Fed needs to be careful while hiking rates to avoid a “painful downturn.”
No economic data was released on Monday.
Chevron Corporation (CVX) – free report >>
Exxon Mobil Corporation (XOM) – free report >>
Wynn Resorts, Limited (WYNN) – free report >>
MGM Resorts International (MGM) – free report >>
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