Stocks closed lower Monday as rising unrest in China over the nation's restrictive COVID policies weighed on Wall Street. The Dow Jones Industrial Average dropped nearly 500 points, while the S&P 500 and Nasdaq Composite fell about 1.5% each.

Here's how the market settled on Monday:

S&P 500 Index (SPY  ): -1.54% or -62.18 points to 3,963.94

Dow Jones Industrial Average (DIA  ): -1.45% or -497.57 points to 33,849.46

Nasdaq Composite Index (QQQ  ): -1.58% or -176.86 points to 11,049.50

Monday's sell-off was driven by widespread protests across China's major cities over the weekend in response to the nation's "Zero-COVID" policy. The country recently tightened COVID as cases spiked.

West Texas Intermediate (USO  ) crude futures briefly dropped to their lowest price since last December. The benchmark settled higher at $77.24 per barrel.

Apple (AAPL  ) was also in the spotlight as concerns over widespread civil unrest in China may further impact already constrained iPhone production at a key manufacturing plant in the country. Bloomberg reported Monday that turmoil at Apple's Zhengzhou plant may result in a production shortfall of about 6 million iPhone Pros this year.

On the retail front, top retail stocks like Amazon (AMZN  ), Target (TGT  ) and Walmart (WMT  ) rose on Monday after Adobe Analytics reported consumers spent a record $9.12 billion online shopping during the Black Friday sales event this year.

Elsewhere, the cryptocurrency market is continuing to feel the impacts of FTX's collapse, as crypto finance firm BlockFi filed for bankruptcy on Monday.

"With the collapse of FTX, the BlockFi management team and board of directors immediately took action to protect clients and the Company," said Mark Renzi of Berkeley Research Group, BlockFi's financial advisor, in a statement.

Heading into the week, market participants are gearing up for a slew of economic data reports as November comes to an end. Key releases include Thursday's personal consumption expenditures report -- an important inflation gauge for the Federal Reserve -- and Friday's November jobs report.

Moveover, Wall Street will watch speeches from Fed Chair Jerome Powell and other central bank officials this week for clues on the Fed's next moves for its monetary policy as inflation shows some signs of easing. The Fed will issue its final interest rate hike of the year at the conclusion of its two-day December meeting.