Concerns About China Covid Surge Weighing On Wall Street

Stocks have moved mostly lower in morning trading on Monday, giving back ground after ending last Friday's choppy session mostly higher. The major averages have all moved to the downside, with the tech-heavy Nasdaq leading the way lower.

In recent trading, the major averages have fallen to new lows for the session. The Dow is down 106.36 points or 0.3 percent at 33,638.33, the Nasdaq is down 103.34 points or 0.9 percent at 11,042.72 and the S&P 500 is down 22.54 points or 0.6 percent at 3,942.80.

Concerns about the outlook for the global economy are weighing on Wall Street amid a surge in new Covid cases in China.

China reported the death of three people after contracting Covid, marking the first Covid-related deaths that China's mainland has reported since May.

The surge in new cases had led China to impose stringent restrictions in cities like Beijing and Shanghai, shattering recent hopes the country would soon ease Covid curbs.

Stocks are lower as the global growth picture takes a hit following key China Covid lockdowns and as the US economy could have to deal with a massive rail worker strike before the holidays, said Edward Moya, senior market analyst at OANDA.