Record Cyber Monday Sales - HK Daily Market Recap

Key Takeaways

Tuesday, November 29th

Elon Musk said Apple threatened to remove Twitter from its App Store and criticized the tech giant for censorship. He also said it had withdrawn most of its advertising spending from Twitter.
Stocks fell as protests spread in China calling for President Xi Jinping to step down amid growing anger over severe restrictions imposed as part of his “zero COVID” strategy.
According to Adobe Analytics data, consumers spent $11.3 billion on Cyber Monday this year, a 5.8% increase from last year, making it the biggest shopping day ever. For the five days from Thanksgiving through Cyber Monday, e-retail sales grew 4.4% to $35.27 billion. Here are some of the categories:
- Toys (online sales on Cyber Monday were 684% higher than on an average day in October)
- Sporting goods (up 466%)
- Appliances (458%)
- Books (439%)
- Jewelry (410%)
- Electronics (391%)
- Computers (372%)
Apple shares fell lower today amid continued concerns over a disruption in iPhone production due to Foxconn uncertainty in China. China protests could also reduce iPhone shipments by 20%.
Consumer confidence continued to fall in November, almost in line with expectations, as persistently high gasoline prices and ongoing inflation concerns haunted consumers into the holiday season.
It was a low volume day as we ended the day as the S&P and Nasdaq ended lower for three days straight. Today, the Nasdaq Composite fell 0.6% to 10,983.80, while the S&P 500 lost 0.2% to 3,957.63. The Dow Jones Industrial Average was almost unchanged at 33,852.53.