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The Dow Jones Industrial Average fell Tuesday as traders struggled to recover from sharp losses suffered in the previous session and looked ahead to more economic data.
The 30-stock index lost 128.30 points, to reach noon EST Tuesday’s at 33,721.16.
The S&P 500 sagged 18.97 points to 3,944.97.
The NASDAQ chucked 80.13 points to 10,969.37.
All U.S. markets declined Monday after protests in mainland China against the country’s zero-COVID policy started over the weekend. This led to worries over the potential for Chinese COVID protocols could once again hamper global supply chains.
Overnight, however, global markets seem to catch a reprieve as a Chinese official told reporters that 65.8% of people “over age 80” had received booster shots. On top of that, the government reported the first decline in COVID infections within mainland China in more than a week. This contributed to a rally in the Hong Kong and Shanghai markets.
Jefferies downgraded shares of the generator maker Generac to an outperform rating.
The firm said this “game-changing” technology poses a risk to Generac’s business model and the long-term penetration of its home standby generators.
Wells Fargo raised its price target on AutoZone on Tuesday, noting that its shares have outperformed the S&P 500 (21% versus 2% since its fiscal fourth quarter) and that industry dynamics have proven “resilient.”
On the data front, Consumer confidence edged lower in November but was slightly above Wall Street expectations, the Conference Board reported Tuesday.
The board’s Consumer Confidence Index fell to 100.2 for the month, down from 102.2 in October. Economists surveyed by Dow Jones had been looking for a reading of 100.
Prices for the 10-year Treasury fell, raising yields to 3.72% from Monday’s 3.69%. Treasury prices and yields move in opposite directions.
Oil prices progressed 85 cents to $78.09 U.S. a barrel.
Gold prices recovered $10.00 to $1,765.30 U.S. an ounce.
