U.S. stocks closed mixed on Tuesday ahead of the release of key economic data and continued concerns over COVID’s effect on China, the world’s second-largest economy.
The Dow Jones Industrial Average rose just 1.02 points to close at 33,850.48. The S&P 500 fell 6.44 points, or 0.16%, to close at 3,957.43, and the Nasdaq Composite fell 65.72 points, or 0.59%, to close at 10,983.78.
Federal Reserve Chairman Jerome Powell is scheduled to deliver a speech at the Brookings Institution on Wednesday and is expected to indicate whether another interest rate is likely next month to fight inflation. Key reports on jobs, labor and inflation are scheduled to be released later in the week.
Meanwhile, COVID cases are rising in China, prompting officials to re-institute severe restrictions that include widespread stay-at-home orders. Residents are chafing at the zero-tolerance policies, leading to rare public protests across the country.
The S&P 500 suffered its worst one-day decline in nearly three weeks on Monday after a weekend of COVID protests in China. There’s concern China’s COVID policies could disrupt supply chains and impact U.S. companies operating in the country.
Some stocks that declined Monday included Alphabet (GOOG), which closed at $95.44, down $0.81, or 0.84%. Apple‘s (AAPL) price of shares fell $3.95, or 2.11%, to close at $141.17.
“This is a really big week of economic data,” Ross Mayfield, investment strategist analyst at Baird, told CNBC. “A lot of times, when you have a handful of big catalysts in the near term, the market will kind of just trade sideways or be a little calm in anticipation of those events.”