Stocks fall, oil slides to start holiday-shortened week news
U.S. stocks sank Monday as Wall Street barreled into a holiday-shortened trading week.Equity and bond markets will be closed for Thanksgiving on Thursday and end trading at 1 p.m.
ET on Friday.The S&P 500 (^GSPC) fell 0.4%, while the Dow Jones Industrial Average (^DJI) slipped roughly 30 points, or 0.1%. The technology-heavy Nasdaq Composite (^IXIC)
declined 1%.Investors assessed more Fedspeak in the final hour of Monday's session. Federal Reserve Bank of San Francisco President Mary Daly said officials may lift the U.S.
central bank's key policy rate above 5% if inflation does not ease. Daly also noted that writing off a 75-basis-point hike in December is "premature," and "nothing is off the
table.""I tend to be on the more hawkish side of the distribution” Daly said in a conference call, referring to the spectrum of her colleagues from most aggressive on tightening
policy to least.Oil extended losses following reports Saudi Arabia and other OPEC countries are discussing an output increase. A series of COVID-related deaths in China also
resurfaced fears the country may implement fresh restrictions to mitigate recent outbreaks. Both events spurred concerns over demand, with West Texas Intermediate (WTI) crude
futures tumbling more than 5% to around $75 per barrel Monday morning.The U.S. dollar gained against other currencies on concerns around the COVID picture in China.Bitcoin
(BTC-USD) slid 4% below $16,000 and ethereum (ETH-USD) tumbled 6% to just below $1,100 as the impact of cryptocurrency exchange FTX's collapse continued to permeate crypto
markets.Meanwhile, shares of Disney (DIS) roared 6% despite a down day in other areas of the market after the media giant made a surprise announcement late Sunday that former chief
executive Bob Iger will return to lead the company as CEO, effective immediately.Disney's Chief Executive Officer Bob Iger speaks during the Bloomberg Global Business Forum in New
York City, New York, U.S., September 25, 2019. REUTERS/Shannon StapletonMonday's moves come after a lackluster week on Wall Street, with sentiment weighed down by renewed concerns
over higher interest rates. The benchmark S&P 500 was down about 0.7% for the period and the Nasdaq 1.6%, while the Dow was roughly flat.Story continuesHistorically, the week
of Thanksgiving has tended to be bullish. Over the past half century, the S&P 500 has gained an average 0.5% during the holiday week and achieved a positive return 68% of the
time, according to data from Schaeffer’s Investment Research. The Wednesday before Thanksgiving has been positive 78% of the time at an average gain of 0.3%, while the day after,