Stocks and oil prices tumbled Monday as investors assessed the impact of new Covid-19 outbreaks in China and awaited a likely interest-rate increase by the Federal Reserve later this week.
The technology-focused Nasdaq Composite dropped 262.59 points, or 2%, to 12581.22, its lowest level since December 2020, as China locked down the key manufacturing regions of Shenzhen and Changchun due to a fresh outbreak of Covid-19 cases in those cities.