Stock Market Today: Nasdaq Snaps Win Streak as Twitter Drags on Tech Stocks closed lower on Monday following weekend reports that China initiated a new round of restrictions to combat rising cases of COVID-19. The directives included a week-long shutdown of non-essential businesses in the Chinese gambling hub of Macau, which sent casino stocks tumbling. Wynn Resorts ( WYNN , -6.5%) and Las Vegas Sands ( LVS , -6.3%) were among the notable decliners. SEE MORE The DeFi Dictionary: Your Guide to Decentralized Finance The news out of China also weighed on oil prices, with U.S. crude futures shedding 0.7% to end at $104.90 per barrel. "Oil prices are weakening as crude demand outlook is hit by a one-two punch from China''s rising COVID cases and Wall Street jitters that inflation is hitting the U.S. economy much harder than analysts were expecting," says Edward Moya, senior market strategist at currency data provider OANDA. "Oil will struggle to hold the $100 level if China''s COVID situation deteriorates much further." Sign up for Kiplinger''s FREE Investing Weekly e-letter for stock, ETF and mutual fund recommendations, and other investing advice.