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- US stocks slipped as a slowdown in China's growth and a continuing energy crisis dampened investors' sentiment.
- Oil continued its rally, while gold dropped.
- Bitcoin is testing a new price record ahead of a futures ETF launch this week.
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US stocks slipped on Monday as a slowdown in China's growth and a continuing energy crisis dampened investors' sentiment.
The Dow Jones Industrial Average fell at the start of the trading week, so did the other two major indexes. Among the biggest drags is the mega-cap tech giant Apple.
Here's where US indexes stood at the 9:30 a.m. ET open on Monday:
- S&P 500: 4,452.97, down 0.41%
- Dow Jones Industrial Average: 35,097.73, down 0.56%
- Nasdaq Composite: 14,850.12, down 0.32%
While China's economy expanded by 4.9% in the third quarter, according to data from the National Bureau of Statistics, the growth was slower than the 7.9% rise the country tacked on in the previous quarter and was the nation's weakest pace since the third quarter of 2020.
Industrial output posted its worst performance since the start of the pandemic, made worse by power shortages, supply-chain woes, and debt problems in its property sector.
Outside of China, the crises in commodities continued to hound global markets, particularly the ongoing energy crunch.
"There is also much discussion on how long-term forward-looking inflation expectations are now spiking," Hans Mikkelsen, Bank of America Credit Strategist, said in a Monday note. "Obviously, there are many drivers in inflation - such as reopening related bottlenecks that also leave labor unions with more bargaining power, higher energy prices."
Mikkelsen said the economy is now looking at a "high growth, high inflation environment, in which reopening trades and cyclicals outperform."
Previously, Francisco Blanch, Bank of America Global Commodities and Derivatives Research Head, provided Insider with four possible paths he sees through early 2022 from an economic crash to an interest rate hike.
Oil prices rose Monday. West Texas Intermediate crude tacked on 1.59% at $83.59 per barrel. Brent oil, the international benchmark, added on 1.10% to $85.79 after notching its eighth consecutive week of gains last week in what is so far its longest streak since a 10-week period through April 1999.
Gold dropped 0.46% to $1,762.79 per ounce.
The 10-year Treasury note yield edged up to 1.619% from Friday's 1.574%. Yields rise when prices fall.
In cryptocurrencies, bitcoin surged 5.5% to $62,667 ahead of an imminent exchange-traded fund approval this week. Bitcoin's rally has pushed the entire cryptocurrency market capitalization above $2.6 trillion over the weekend for the first time since May.
Meanwhile, Square CEO Jack Dorsey said his digital payments company is weighing up whether to create a simple-to-use bitcoin mining rig and laid out how it could help the industry.