The Dow Jones industrial average fell on Tuesday as traders struggled to recover from heavy losses in the previous session and awaited further 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%.
Major averages suffered steep losses on Monday, with the Dow down nearly 500 points. The S&P 500 and Nasdaq each lost more than 1%, after protests in mainland China against the country’s zero-covid policy began over the weekend. This again led to concerns about the potential for Chinese covid protocols that could 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.
“It adds another question mark at a time when there are a lot of question marks about where we’re going as far as the global economy,” said Keith Buchanan, portfolio manager at Globalt Investments, of developments in China.
“The market has to react to things coming its way, and it’s difficult to anticipate the next development,” he added. “Nothing is less predictable than a pathogen.”
Within the US, investors will look to data coming this weekend on topics such as gross domestic product and jobs for insight into how the economy is responding to inflation.
Federal Reserve Chairman Jerome Powell is scheduled to speak at the Hutchins Center on Fiscal and Monetary Policy in Brookings on Wednesday. Investors will be looking for clues as to whether the central bank will slow or halt interest rate hikes.
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