Stocks Drop as Economic Worries Weigh on Sentiment

Singing Machine Co. Gains 10%

Shares of Singing Machine Company, Inc. (MICS) are gaining nearly 10% on Monday morning.

MICS is currently trading at $6.04, up $0.54 or 9.82%, on the Nasdaq. The stock opened its trading at $6.29 after closing Friday’s trading at $5.50. The stock has traded between $2.39 and $10.10 in the past 52-week period.

Singing Machine engages in the development, marketing, and sale of consumer karaoke audio equipment, accessories, and musical recordings in North America, Europe, and Australia.

Fruitcake Is Delicious, and This Recipe Proves It

Claire Saffitz’s version skips the long aging process, baking up in a day, and doubles down on deliciousness.

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By Claire Saffitz

Gold Futures Settle Lower As Dollar Climbs On Safe-haven Buying

Gold prices drifted lower on Monday as global stocks turned weak due to concerns over the growing unrest in China amid widespread protest against the government over stringent Covid-related restrictions in several areas across the country.

The dollar has surged higher on safe-haven demand. The dollar index, which climbed to 106.52, was up 0.45% at 106.44 a little while ago.

Gold futures for December ended lower by $13.70 or about 0.8% at $1,740.30 an ounce.

Silver futures for December ended down $0.515 at $20.915 an ounce, while Copper futures for December settled at $3.6115 per pound, down $0.0160 from the previous close.

As a surge in new Covid cases in China led officials to impose new restrictions in several major cities, widespread protests against the Beijing’s zero-Covid policy broke out over the weekend.

Craig Erlam, senior market analyst at OANDA, said the protests “highlight how increasingly frustrated the public is becoming with the leadership’s zero-Covid policy.”

“Record cases across multiple cities are putting the policy to the test and the unrest highlights the enormity of the challenge facing President Xi Jinping and his commitment to zero-Covid,” Erlam said.

You Can’t Resist This Easy Squash-Chickpea Recipe

Just try not to nibble all the caramelized and spiced bits straight off the pan before dinnertime — we dare you.

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By Melissa Clark

Meta Platforms Fined EUR265 Mln Over Facebook Data Leak

Meta Platforms Inc. (META), the parent company of social media giant Facebook, has been slapped with a hefty fine for breaching European data protection law.

The Irish Data Protection Commission (DPC) has imposed a fine of 265 million euros or about $275 million on Monday.

The DPC said it commenced the inquiry on April 14, 2021, on foot of media reports into the discovery of a collated dataset of Facebook personal data that had been made available on the internet. The scope of the inquiry concerned an examination and assessment of Facebook Search, Facebook Messenger Contact Importer and Instagram Contact Importer tools in relation to processing carried out by Meta Platforms Ireland Limited during the period between May 25, 2018 and September 2019.

The DPC examined the implementation of technical and organizational measures pursuant to Article 25 GDPR, which deals with this concept.

The DPC said it is also imposing a range of corrective measures.

“The decision imposed a reprimand and an order requiring MPIL to bring its processing into compliance by taking a range of specified remedial actions within a particular timeframe. In addition, the decision has imposed administrative fines totaling €265 million on MPIL,” the agency said.

Oil Futures Rebound To Close Higher As Focus Shifts To Upcoming OPEC Meet

After spending much of the day’s session in the red, crude oil prices climbed higher past noon on Monday to eventually settle on a firm note.

Oil prices fell to an 11-month low earlier in the day, as worries about outlook for demand from China rose amid the growing unrest in the country due to widespread protests against Covid lockdowns in several cities.

However, oil prices surged higher amid speculation OPEC+ will seriously consider a new production cut at its meeting early next month.

Saudi Energy Minister Abdulaziz bin Salman had indicated last week that the OPEC+ will likely decide to increase output cut later this week.

West Texas Intermediate Crude oil futures for January settled with a gain of $0.96 or about 1.3% at $77.24 a barrel, well off the day’s low of $73.60 a barrel.

Brent crude futures were up $0.15 or 0.12% at $83.86 a barrel a little while ago.

The Organization of the Petroleum Exporting Countries and allies including Russia, collectively known as OPEC+, will meet on December 4 to discuss their production strategy. The group had last month agreed to reduce its output target by 2 million barrels per day through 2023.

Traders also continued keep traking news about the Group of Seven and European Union Diplomats’ discussions regarding a price cap on Russian oil of between $65 and $70 a barrel.

Stocks Drop as Economic Worries Weigh on Sentiment

After turmoil in China set a negative tone, a Fed governor suggested the market was underestimating the chance that the central bank would have to keep raising rates.

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By Isabella Simonetti

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