January 28, 2023

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Stocks are down for a second day on Tuesday as traders look forward to Powell’s speech, the jobs report later in the week

Stocks are down for a second day on Tuesday as traders look forward to Powell's speech, the jobs report later in the week

The Dow Jones Industrial Average fell on Tuesday as traders struggled to recover from sharp losses incurred in the previous session and looked forward to more economic data.

The 30-share index lost 43 points, or 0.1%. The Nasdaq Composite fell 0.4%, while the S&P 500 fell 0.3%.

The major averages suffered huge losses on Monday, with the Dow Jones index dropping nearly 500 points. The S&P 500 and the Nasdaq each lost more than 1%, following protests in mainland China against the country’s Covid-free policy over the weekend. This led to concerns about the possibility 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 the rise in prices in the Hong Kong and Shanghai markets.

“It just adds another question mark at a time when there are a lot of question marks we have about where we go as far as the global economy,” said Keith Buchanan, portfolio manager at Global Investments, on developments in China.

“The market just had to react to what came its way, and it was hard to anticipate the next development,” he added. “There is nothing less predictable than a pathogen.”

Within the United States, investors will be watching upcoming data later this week on topics such as GDP and jobs to get an insight into how the economy is responding to inflation.

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Federal Reserve Chairman Jerome Powell is scheduled to speak at the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution on Wednesday. Investors will hear clues as to whether the central bank will slow or stop raising interest rates.