The market has started on a soft note this holiday-shortened week. Concerns today have been tied to China’s new lockdowns which could mean more restrictive policies. It is hard to gauge how much more damage China is willing to endure with its zero-COVID policies.

Energy is getting hammered today. Oil prices are bouncing off sessions lows this afternoon after Saudi Energy Minister denied discussions about OPEC going forward with an output hike.

Defensives continue to attract interest while growth stocks continue to swirl around.

Breadth is bearish this afternoon, there are more decliners than advances on the New York Stock Exchange and the NASDAQ Composite.

Markets await commentary from the Fed on interest rates on Wednesday.