U.S. stocks edged higher on Tuesday as investors awaited scheduled comments from Federal Reserve officials for clues on the U.S. central bank’s path to rate hikes.
The S&P 500 Index (^GSPC) edged up 0.4%, while the Dow Jones Industrial Average (^DJI) increased by 175 points, or about 0.5%. The tech-heavy Nasdaq Composite (^IXIC) added a modest 0.1%.
Wall Street will pay attention to speeches by Cleveland Federal Reserve President Loretta Mester and St. Louis James Bullard on Tuesday for any potential hints on monetary policy moves in the coming months.
On Monday, the President of the Federal Reserve Bank of San Francisco Mary Daly says officials may lift The US central bank’s key policy rate is above 5% if inflation does not ease. Daly also noted that removing the 75 basis point increase in December is “too early” and “nothing is indisputable.”
In the commodity market, oil edged lower on Monday after falling to a January low on concerns that new lockdowns in China and reported output increases by Saudia Arabia and OPEC could hurt. affect demand. Since then, Energy Minister Prince Abdulaziz bin Salman has dismissed the prospect of an increase in output, helping oil rebound from a slump. West Texas Intermediate (WTI) crude oil futures rose to around $81 a barrel after touching $75 a barrel on Monday.
On the company side, shares of Zoom Video Communications (ZM) dropped nearly 8% after video conferencing platform cut annual revenue outlook and anticipate the next challenges due to the decreasing demand for online meetings.
The surging number of COVID-19 cases across China has set off a new wave of restrictions on the world’s largest economy just weeks after investors hailed the end of the country’s drastic lockdown measures. this country.
“The specter of COVID is still looming over the Chinese economy, threatening to cause new disruptions to demand and supply chains,” said Susannah Streeter, senior investment and market analyst at Hargreaves Lansdown. for goods”.
The S&P 500 kicked off its Thanksgiving week cut into the holiday season at a lower level than in previous years. According to data from Bespoke Investment Group, the previous Monday of the week of Thanksgiving saw the index trade slightly lower, with a drop of 0.01%. In years where the index is down 10% year-to-date, such as 2022, performance has been more positive, with an average gain of 0.37%.
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Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc
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