Renewed Supply Chain Concerns due to China Covid Restrictions

After a bullish week overall for the Dow and S&P 500 last week and a pretty flat week for the NASDAQ, the markets had a bearish day today closing just off their lows of the day.

Some could argue the markets are oversold and were due to sell off a bit.  We can’t blame the poor retail sales numbers from Black Friday as those were solid and better than some even expected.

So why did the drop happen today?

It is being written and talked about over many of the financial news outlets both in print, internet media and tv media the protests in China over their no COIVD restrictions are to blame.

Supply Chain Concerns

What does what’s going on in China have to do with us?

Take a look at the concerns with Apple, Inc. (NASDAQ: AAPL).  There is a report from Bloomberg saying AAPL will not be able to fulfill 6 million iPhone Pro orders this year due to a plant in China being shut down due to COVID fears.

AAPL dropped at one time today at least 2.6% of in share price on this news.

Who knows how many other companies are going to experience similar concerns on other parts of China being shut down and you see why there is bearishness in the markets.

Oil

Briefly, one needs to keep an eye on oil as it had been showing signs of defying odds and were trading slightly higher on the year, but now those gains are at risk of being fully erased and maybe things go even lower with these latest China lockdowns and protests.

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