The S&P 500 and Nasdaq Composite fell for a third straight session on Tuesday as traders struggled to recover from heavy losses in the previous session and looked ahead to economic tea leaves later in the week.
The Nasdaq Composite closed down 0.59% at 10,983.78. The S&P 500 lost 0.16% to end the day at 3,957.63. The Dow Jones industrial average rose 3.07 points, or 0.01%, to close at 33,852.53 with a slight gain.
Investors are looking to data coming later this week, including JOLTS jobs on Wednesday and November payrolls Friday, for insight into how the economy is performing. They await Federal Reserve Chairman Jerome Powell’s scheduled speech at the Hutchins Center on Fiscal and Monetary Policy in Brookings on Wednesday for clues on whether the central bank will cut or halt interest rate hikes.
“Since the end of the third-quarter earnings reporting season, the market has focused on additional factors influencing the Federal Reserve’s December deliberations,” said Bill Northey, senior investment director at US Bank. “Investors are clearly focused on the road ahead rather than looking in the rear-view mirror.”
Markets failed to reverse course from steep and widespread losses on Monday after protests erupted in mainland China over the weekend against the country’s zero-covid policy. The protests raised concerns about the potential for Chinese covid protocols to again disrupt global supply chains.
However, overnight, a Chinese official told reporters that 65.8% of the population “Above 80 years“Booster shots were available. On top of that, the government announced its first decline in Covid infections Mainland China for more than a week. This contributed to the boom in the Hong Kong and Shanghai markets.