The Dow Jones Industrial Average fell Tuesday as investors waited for the latest remarks from Federal Reserve Chairman Jerome Powell.
The 30-stock index dropped 131.21 points at 33,759.81.
The S&P 500 dipped 10.18 points to 4,100.90.
The NASDAQ Composite faltered 2.95 points to 11,884.50.
A speech from Powell at the Economic Club of Washington scheduled for Tuesday afternoon remains top of mind for investors. Market participants view the appearance as an opportunity for Powell to offer more clarity on where rates are headed, or clarify some comments made after last week’s 25 basis point interest rate hike.
Earnings season presses on Tuesday with results from companies such as Chipotle. So far this season, a little over half of S&P 500 companies have reported earnings, with about 69% surpassing expectations.
Hertz and DuPont each advanced more than 6% on the back earnings that came in above Wall Street expectations. Royal Caribbean added nearly 9% after posting a smaller per-share loss in earnings than expected, while revenue came in slightly under the consensus estimate from analysts polled by Refinitiv. Pinterest and Chegg continued sliding in Tuesday’s session after reporting earnings on Monday.
Prices for the 10-year Treasury eked up, lowering yields to 3.64% from Monday’s 3.65%. Treasury prices and yields move in opposite directions.
Oil prices advanced $1.13 to $75.24 U.S. a barrel.
Gold prices hiked $4.30 to $1,883.80 U.S. an ounce.
