Stocks fell Monday in a volatile session to start a short trading week due to the Thanksgiving holiday.
The Dow Jones Industrials stumbled 99.85 points to 33,645.84, boosted a bit by shares of Disney.
The S&P 500 dipped 21.96 points to 3,943.38.
The NASDAQ swooned 113.10 points, or 1%, to 11,032.96.
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.
Fears that China may again ramp up COVID restrictions after reporting deaths from the virus also weighed on markets.
Shares of Disney rose more than 7% 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.
Prices for the 10-year Treasury inched up, lowering yields to 3.80% from Friday's 3.81%. Treasury prices and yields move in opposite directions.
Oil prices flopped $4.48 to $75.60 U.S. a barrel.
Gold prices sank $18.60 to $1,735.80 U.S. an ounce.