S&P 500 and Nasdaq close lower for third day as investors look to Fed Chair Powell’s speech; Europe markets close slightly lower as traders monitor China’s Covid policy; HSBC up 5% on RBC deal
The S&P 500 and Nasdaq Composite closed lower for a third straight session Tuesday as traders struggled to recover from sharp losses suffered in the previous session and looked ahead to more economic tea leaves coming later in the week.
The Nasdaq Composite shed 0.59% to close 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%, higher at 33,852.53.
Investors are watching for data coming later this week on topics such as gross domestic product and jobs for insight into how the economy is performing. And they are waiting for Federal Reserve Chair Jerome Powell’s scheduled speech at the Hutchins Center on Fiscal and Monetary Policy at Brookings on Wednesday for clues into whether the central bank will slow or stop interest rate hikes.
The pan-European Stoxx 600 closed flat, down 0.1%, having given back earlier gains of more than 0.5%. Basic resources added 2.7% while chemicals stocks fell 1.7%.
Source: CNBC, Investing.com