Wall Street Slips as Concerns Rise of Stricter China COVID Curbs

Wall Street's main indexes ended Monday roughly down on fears that China could resume stricter measures to fight COVID-19 after it said it faces its most severe test of the pandemic.
Beijing said on Monday it would shut businesses and schools in hard-hit districts and tighten rules for entering the city, as infections ticked higher.
"There is this fear that China might reinstitute some of the COVID restrictions that they've just purportedly started to lift," said Carol Schleif, deputy chief investment officer at BMO Family Office.
U.S. casino operators with businesses in China including $Wynn Resorts(WYNN.US)$ , $Las Vegas Sands(LVS.US)$ , $MGM Resorts International(MGM.US)$ and $Melco Resorts and Entertainment(MLCO.US)$ all fell at least 2%.
Cleveland Fed President Loretta Mester echoed Daly, saying she supports a smaller rate hike in December.
The S&P 500 energy sector index fell almost 3% on Monday to its lowest level in four weeks as oil prices tumbled more than 5% after a report that Saudi Arabia and other OPEC oil producers were discussing an output increase. The index, however, pared losses after Saudi Arabia denied talks about it.
Energy was the only major S&P 500 sector eying gains for the year, surging around 63%.
$Disney(DIS.US)$ jumped 6.30% after Bob Iger's return as chief executive to the entertainment giant.
The S&P 500 extended its fall from the previous week when multiple Federal Reserve officials reiterated the central bank's pledge to raise rates until inflation was in check, as investors now await the release of minutes from the Fed's November meeting on Wednesday.
Traders are widely betting on a 50-basis point hike in the December meeting, with a peak for rates expected in June.
Among other stocks, $Tesla(TSLA.US)$ plummeted 6.84% after the electric-car maker said it will recall vehicles in the United States over an issue that may cause tail lights to intermittently fail to illuminate.
Gay dating app $Grindr(GRND.US)$ tumbled 46.00% amid a broader market weakness, after skyrocketing in its debut on the New York Stock Exchange in the previous session.