May 18, 2024

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The S&P 500 is trading steady as Wall Street struggles to recover from Monday’s sell-off

The S&P 500 is trading steady as Wall Street struggles to recover from Monday's sell-off

The S&P 500 hovered around a flat line on Tuesday as traders struggled to recover from sharp losses incurred in the previous session.

The general index lost only 0.1%, along with the Nasdaq Composite, which lost 0.1%. The Dow Jones Industrial Average lost 52 points, or 0.1%.

The major averages suffered huge losses on Monday, with the Dow Jones index dropping nearly 500 points. The S&P 500 and the Nasdaq each lost more than 1%, following protests in mainland China against the country’s Covid-free policy over the weekend. This led to concerns about the possibility that China’s Covid protocols could once again impede global supply chains.

“There are some real reasons to be cautious. The market has rallied a lot this quarter, and there is some concern that things are going to slow down, so I think it’s kind of a balanced risk reward,” Adam Parker of Trivariate Research said Monday on CNBC. Bill: Overtime.”

“I think there was perhaps an excuse for some of the slowdown concerns in China for people to collect a little bit of the profit they had in the quarter,” he added.

But overnight, global markets seem to be swinging as a Chinese official told reporters that 65.8% of people “over the age of 80She received booster shots. Moreover, the government reported its first drop in Covid infections within it China in more than a week. This contributes to higher prices in the Hong Kong and Shanghai markets.

On the data front, the latest consumer confidence reading is due for release at 10 am, with more data expected on topics such as GDP and jobs later in the week.

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Federal Reserve Chairman Jerome Powell is scheduled to speak at the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution on Wednesday. Investors will hear clues as to whether the central bank will slow or stop raising interest rates.