February 8, 2023

Stocks are falling as investors try to shake off Monday's drop, and look forward to Powell's speech and jobs data later in the week

Stocks are falling as investors try to shake off Monday’s drop, and look forward to Powell’s speech and jobs data later in the week

Stocks fell on Tuesday as traders struggled to recover from sharp losses incurred in the previous session and looked forward to more economic data.

The Dow Jones Industrial Average lost 40 points, or 0.1%. The Nasdaq Composite fell 0.7%, while the S&P 500 fell 0.3%.

Investors are watching upcoming data later this week on topics like GDP and jobs to get an insight into how the economy is doing. They await Fed 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, chief investment officer at US Bank. on the road ahead instead of looking in the rear-view mirror.

Tuesday’s bearish indices follow heavy losses on Monday, with the Dow Jones dropping nearly 500 points and the S&P 500 and Nasdaq each losing more than 1%, 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 the rise in prices in the Hong Kong and Shanghai markets.