Stocks ended an unsteady day with mixed results as gains for energy companies were offset by losses in technology and other sectors. Trading was uneven Tuesday as investors closely watched developments in China and economic data amid worries about stubbornly hot inflation. The S&P 500 fell 6.31 points, or 0.2%, to 3,957.63. The Dow Jones Industrial Average rose 3.07 points, or less than 0.1%, to 33,852.53. The Nasdaq fell 65.72 points, or 0.6%, to 10,983.78. Treasury yields rose. The yield on the 10-year Treasury note, which helps set mortgage rates, rose to 3.76%.
For the second day in a row, technology stocks were the biggest drag on the broader market, the AP reports. Apple, which Twitter CEO Elon Musk threatened to go to "war" with on Monday, fell 2.1%. Financial and industrial stocks rose. American Express added 2.3% and United Parcel Service rose 2.8%. Energy stocks rose as US crude oil prices climbed 1.2%. Hess rose 1.8%. Markets in Europe were mixed and markets in Asia rose broadly. Hong Kong's benchmark index jumped 5.2% as protests in China seemingly receded amid a heightened police presence in major cities.
Wall Street's big focus remains the Federal Reserve's fight against the hottest inflation in decades. Fed Chair Jerome Powell will speak at the Brookings Institution about the outlook for the US economy and the labor market on Wednesday. Investors have been hoping that the Fed could ease up on its rate increases and are closely watching the latest data on inflation, consumer spending, and the employment market. The Conference Board reported on Tuesday that consumer confidence fell slightly in November from October, but remains relatively strong. Consumer spending has been one of the most solid areas of the economy, along with employment.
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