Stocks fell Monday in a volatile session to start a short trading week due to the Thanksgiving holiday.
Fears that China may again ramp up COVID restrictions after reporting deaths from the virus weighed on markets, sending energy stocks and oil prices lower. Traders also looked for further signals from the Federal Reserve about future interest rate hikes.
The Dow Jones Industrials lost 45.41 points to 33,700.28, though losses on the index were mitigated by a jump in Disney shares.
The S&P 500 dipped 15.4 points to 3,949.94.
The NASDAQ swooned 121.55 points, or 1.1%, to 11,024.51.
Shares of Disney rose 6.3% after the company announced that former CEO Bob Iger would return to the helm of the entertainment giant, replacing Bob Chapek immediately. Iger's return to Disney ends a brief and rocky tenure for Chapek, who took over the CEO role in February 2020.
The New York Stock Exchange will be closed Thursday for Thanksgiving, and will have a shortened trading day on Friday. This week, traders will be digesting further speeches from Federal Reserve leaders as well as earnings reports from Best Buy, Nordstrom, Dick's Sporting Goods and Dollar Tree.
Energy stocks led declines, falling with the price of oil, after a Wall Street Journal report said that Saudi Arabia and other OPEC+ producers are weighing a potential increase in output of 500,000 barrels per day, a move that could help tensions with the U.S. and the flow of oil amid the war in Ukraine. It would also be a reversal from the group's decision to cut production last month.
Prices for the 10-year Treasury weakened, raising yields to 3.83% from Friday's 3.81%. Treasury prices and yields move in opposite directions.
Oil prices stayed negative 34 cents to $79.74 U.S. a barrel.
Gold prices sank $13.90 to $1,740.50 U.S. an ounce.