China’s economic activity cooled sharply in April as widening COVID-19 lockdowns took a heavy toll on consumption, industrial production and employment, adding to fears the economy could shrink in the second quarter.
Investors questioned whether a strong day on Wall Street last Friday might signal the end of a recent sell-off that has left the S&P 500 down about 16% from its record high close in January. Many of Wall Street’s mega cap growth stocks were lower, with Amazon and Google-owner Alphabet losing more than 1% and weighing on the S&P 500 and Nasdaq.
Data on Monday showed factory activity in New York states lumped in May for the third time this year amid a collapse in new orders and shipments.Unofficially, the S&P 500 declined 0.39% to end the session at 4,008.01 points. Retailers including Walmart Inc, Home Depot and Target Corp are due to report their quarterly results this week.
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