Stocks were mostly lower Tuesday as market participants struggled to recover from sharp losses in the previous session. The Dow Jones Industrial Average settled at a positive flatline, while the S&P 500 and Nasdaq Composite slipped 0.16% and 0.6%, respectively, marking both their third-straight session of losses.
Here's how the market settled on Tuesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Wall Street saw broad losses on Monday as news of protests in mainland China in response to the country's "Zero-COVID" policy raised concerns for global supply chains. Market participants also reacted to more hawkish Fed-speak on Monday.
New York Federal Reserve President John Williams said in remarks on Monday that there was still "more work to do," to stabilize prices.
"Overall demand for labor and services still far exceeds available supply, resulting in broad-based inflation, which will take longer to bring back down," Williams said in a speech at the Economic Club of New York.
Investors are watching for a barrage of economic data this week, including JOLTS job openings on Wednesday and November's jobs report due out Friday. Fed Chair Jerome Powell is also scheduled to speak at the Hutchins Center on Fiscal and Monetary POlicy at Brookings on Wednesday.
On the economic front, consumer confidence dipped lower in November, the Conference Board reported Tuesday. The board's Consumer Confidence Index fell to 100.2 for the month, down from 102.2 in October.
For stocks, Citi
"As we enter the prime holiday shopping season, we believe eCommerce is gaining share of overall transactions," analyst Ronald Josey wrote in a note. "Adobe's reported eCommerce sales came in ~2% above its the Cyber Five projections, on average, Salesforce and MasterCard SpendingPulse reported Black Friday U.S. eCommerce sales rose +10% Y/Y and +14% Y/Y, respectively, and Shopify reported +17% Y/Y growth in BF sales globally with strength in the U.S., U.K., and Canada."
