Stock market news live updates: Stocks edge lower amid China COVID concerns, economic data – Yahoo Finance


- Advertisement -

U.S. stocks edged lower Tuesday as Wall Street continued a sluggish start to the week, with investors continuing to monitor China's COVID policy and look ahead for Federal Reserve Chair Jerome Powell’s scheduled speech.
The S&P 500 (^GSPC) was down 0.2%, while the technology-heavy Nasdaq Composite (^IXIC) ticked lower by 0.6%. The Dow Jones Industrial Average (^DJI) was virtually flat for the day.
The slump came after all three stock indexes finished lower Monday, as protests against China’s strict COVID policies had far-reaching consequences across global markets. The S&P 500 declined more than 1%, the first time it did so on a post-Thanksgiving Monday since 2008, according to Bespoke Investment Group. The U.S. dollar weakened against a basket of peers, following days of gains, as the yuan dipped.
In oil markets Tuesday, the global benchmark Brent crude climbed 2.6% to trade above $86 a barrel. WTI crude oil rose about 2% on Tuesday, closing just below $79 a barrel after reaching lows for the year early Monday.
The yield on the benchmark 10-year Treasury note rose to 3.755% from 3.701% on Monday.
Monday’s sell-off accelerated following remarks of two Federal Reserve officials, who stressed the central bank's rate-hiking campaign will continue. New York Fed President John Williams on Monday said there was still "more work to do" to bring down inflation.
"Stronger demand for labor, stronger demand in the economy than I previously thought, and then somewhat higher underlying inflation, suggest a modestly higher path for policy relative to September," Williams told reporters Monday after an event hosted by the Economic Club of New York.
At another event, St. Louis Fed President James Bullard said "we've got a ways to go to get restrictive.” Bullard also pointed out that the Fed’s target policy rates need to rise to at least a range between 5.00% and 5.25% from the current level of 3.75%-4.00% to be "sufficiently restrictive" to curb inflation.
All eyes now turn to Federal Reserve Chair Jerome Powell’s speech on Wednesday at the Brookings Institution, the last speech before the Fed's next rate setting meeting in mid-December. However, "it is unclear what more Powell could say that we have not heard from recent Fedspeakers," wrote Andrew Tyler, head of US Market Intelligence at J.P. Morgan. "While a Fed pivot is currently off the table, investors looking for a pause are unlikely to find that support from Powell this week."
Meanwhile, investors are also bracing for a jam-packed week of economic data. On Tuesday, data from S&P CoreLogic Case-Shiller National Home Price Index showed that U.S. home prices fell 1% in September from August, posting a third consecutive monthly decline. The slowdown comes as mortgage rates have surged to near 7% from lows near 3% in just 10 months.
The Conference Board's Consumer Confidence Index, the latest indicator of the strength of the U.S. economy, fell to 100.2 in November from a revised 102.2 reading in October, while economists surveyed by Bloomberg called for a drop to 100.
In corporate news, Apple (AAPL) fell more than 2% Tuesday following turmoil at the world’s largest iPhone factory in Zhengzhou. The unrest in China further sparked fears of a shortfall of close to 6 million iPhone Pro units this year, Bloomberg reported.
Apple also found itself at the wrong end of Elon Musk's ire, as the billionaire owner of Twitter is picking a fight with the tech giant. Musk has targeted the company over its ad spending on Twitter and raised the prospect of a bigger battle over Twitter’s availability on the Apple App Store.
Meanwhile in the US, Apple also faces headwinds heading into next year, Oppenheimer analyst Martin Yang told Yahoo Finance Live on Tuesday.
.@Oppenheimer Senior Analyst Martin Yang on $AAPL: “We’ve seen two years of very strong upgrade and replacement cycles for iPhone… this year, and that replacement cycle strength may weaken into 2023.”
— Yahoo Finance (@YahooFinance) November 29, 2022
Also in single-stock news, shares of United Parcel Service (UPS) rose 2.8% as the Biden administration calls on Congress to act and pass legislation that would avert a rail strike. UPS is the largest rail customer.
Shares of AMC Networks (AMCX) fell more than 5% on Tuesday as CEO Christina Spade left the company after less than three months in the role and the company announced it would cut 20% of its staff.

Dani Romero is a reporter for Yahoo Finance. Follow her on Twitter @daniromerotv
Click here for the latest stock market news and in-depth analysis, including events that move stocks
Read the latest financial and business news from Yahoo Finance
Download the Yahoo Finance app for Apple or Android
Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and YouTube
Related Quotes
Zillow Senior Economist Jeff Tucker sits down with Yahoo Finance Live to assess the state of the housing market as prospective homebuyers contend with rising mortgage rates, declining housing prices, and the Fed's interest rate hikes.
The S&P 500 ended down on Tuesday, with losses in Apple and Amazon ahead of an upcoming speech by U.S. Federal Reserve Chair Jerome Powell that could provide hints about magnitude of future interest rate hikes. Investors also focused on recent protests against COVID-19 curbs in China, including at the world's biggest iPhone factory. Apple's stock dropped 2.1%, down for a fourth straight session.
Providence Financial & Insurance Services President Anthony Saccaro and Quant Insight Head of Analytics Huw Roberts to discuss the macroeconomic outlook amid Fed rate hikes, inflation, and labor market impacts.
Apple Inc's wide exposure to Chinese manufacturing, notable both for its low costs and rising risks, has receded since the COVID-19 pandemic began, company supply chain data shows. With the world's biggest iPhone factory, operated in central China by Foxconn, battling production shortfalls and labour unrest spurred largely by Beijing's harsh virus containment policies, analysts expect the risks – and Apple's retreat – to accelerate. A Reuters analysis of Apple's supply chain data shows China's prominence in the company's global manufacturing is declining: In the five years to 2019, China was the primary location of 44% to 47% of its suppliers' production sites, but that fell to 41% in 2020, and 36% in 2021.
All these Berkshire Hathaway holdings are down more than 35% this year. Overall, Buffett's Berkshire Hathaway is having a good year. If you're having a tough time in the market this year, know that Buffett is too.
U.S. stocks turned lower as investors eyed protests in China and considered the impact the unrest could have on the country’s Covid-19 policy.
Distracted and aggressive driving, remote and harsh locales, and heavy traffic are a few reasons AAA cited for choosing America's most dangerous roads.
Who wouldn't want to retire early? The question is, how much will it cost? Here's a quick and dirty way to get an answer.
Sri Lanka owed Chinese lenders $7.4 billion – nearly a fifth of its public external debt – by the end of last year, calculations by the China Africa Research Initiative (CARI) published on Wednesday showed, an estimate higher than many others. The figure was above the "often-quoted 10 to 15 percent figures," the study said, adding a "significant portion" of the country's debt to China had been recorded under lending to state-owned enterprises rather than central government. Crisis-hit Sri Lanka is in the midst of a debt restructuring after years of economic mismanagement combined with the COVID-19 pandemic saw the country plunge into the worst economic crisis since independence from Britain in 1948 and tip into default.
The pressure is on for railroad unions and management to reach a labor deal before a potential freight rail strike hits the U.S. in two weeks.
BlockFi told a New Jersey bankruptcy court Tuesday the firm has $355 million in digital assets with FTX.
Twitter's former head of trust and safety Yoel Roth on Tuesday said the social media company was not safer under new owner Elon Musk, warning in his first interview since resigning this month that the company no longer had enough staff for safety work. Roth had tweeted after Musk's takeover that by some measures, Twitter safety had improved under the billionaire's ownership. Asked in an interview at the Knight Foundation conference on Tuesday whether he still felt that way, Roth said: "No."
Microsoft's stock drop of about 29% so far in 2022 amid growth concerns now looks overdone, Morgan Stanley says.
Yahoo Finance markets reporter Ines Ferre reviews the performances of major indices and sectors, Nasdaq leaders, and rallies seen across Chinese stocks.
The global economy needs to find a more solid footing before most stock markets to break out of their torpor, according to market strategists polled by Reuters who have broadly cut their 2023 forecasts compared with three months ago. That may be a tall order, however, given major central banks still have months to go before pausing one of the swiftest and most aggressive campaigns of interest rate hikes on record.
Yahoo Finance's Ines Ferre breaks down how markets are trading on Tuesday.
An apparent easing of Covid restrictions in China could not offset the stock market's apprehension about upcoming data and Jerome Powell's speech. The Nasdaq composite slid 0.6% and the S&P 500 fell 0.4%.
Shares of CrowdStrike plummeted after the company's third-quarter earnings results showed its Q4 revenue guidance missed expectations.
Standing here at the tail end of 2022, we can see the next year through the mist of uncertainty – and for now, that view is dominated by high inflation, rising interest rates and potential recession. Looking at the market situation, Goldman Sachs strategist Christian Mueller-Glissmann writes: "We remain defensive for the 3-month horizon with further headwinds from rising real yields and lingering growth uncertainty… The growth/inflation mix remains unfavorable – inflation is likely to normaliz
The stock market rally pulled back with Fed chief Jerome Powell and key economic data due. As Apple slumps, 3 Dow stocks are near buy points.


- Advertisement -


Please enter your comment!
Please enter your name here

Share post:




More like this

Ghana, creditor panel agree on debt restructuring, paving way for IMF cash

Ghana has finalised a pact with its official creditor...

Nigeria strikes deal with Shell to supply $3.8 billion methanol project

Nigeria has struck a deal for Shell (SHEL.L), opens new...

Africa’s $824 billion debt burden and opaque resource-backed loans hinder its potential, AfDB president warns

Africa's immense economic potential is being undermined by non-transparent...

IMF: South Africa needs decisive efforts to cut spending

South Africa needs more decisive efforts to cut spending...