February 4, 2023

Raven Tribune

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The S&P 500 and the Nasdaq closed lower for a third day as investors looked ahead to Fed Chairman Powell's speech.

The S&P 500 and the Nasdaq closed lower for a third day as investors looked ahead to Fed Chairman Powell’s speech.

The S&P 500 and Nasdaq Composite closed lower for the third straight session on Tuesday as traders struggled to recover from sharp losses incurred in the previous session and looked ahead to more economic tea leaves to come later in the week.

The Nasdaq Composite fell by 0.59%, closing at 10,983.78. The S&P 500 lost 0.16%, ending the day at 3,957.63. The Dow Jones Industrial Average notched a marginal gain, closing 3.07 points, or 0.01%, up, at 33,852.53.

Investors are watching upcoming data later this week, including JOLTS job openings on Wednesday and November on Friday, for insight into how the economy is doing. They are also awaiting Federal Reserve Chairman Jerome Powell’s scheduled speech at the Hutchins Center for Fiscal and Monetary Policy in Brookings on Wednesday for clues as to whether the central bank will slow or halt rate hikes.

“The market has shifted focus from the end of the third-quarter earnings reporting season to additional factors now that are likely to influence the Fed in the December deliberations,” said Bill Northey, senior investment director at US Bank. “It’s clear that investors are focusing on the road ahead rather than looking in the rear-view mirror.”

Markets largely failed to reverse course from sharp and wide losses on Monday after protests in mainland China against the country’s no-Covid policy began over the weekend. The protests have heightened concerns about the potential of China’s Covid protocols that could once again disrupt global supply chains.

However, overnight, global markets appeared to be taking a swing as a Chinese official told reporters that 65.8% of people “over the age of 80She received booster shots. Moreover, the government reported its first drop in Covid infections within it China in more than a week. This contributed to higher prices in the Hong Kong and Shanghai markets.

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Lea la cobertura del mercado de hoy en español aquí.