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Stocks fell Tuesday as traders struggled to recover from sharp losses suffered in the previous session and looked ahead to more economic data.
The Dow Jones Industrials fought its way into positive territory 1.02 points, to conclude Tuesday at 33,850.45.
The S&P 500 sagged 6.51 points to 3,957.43.
The NASDAQ dropped 65.72 points to 10,983.78.
Recent data from Salesforce suggests that Apple Pay is successfully winning over consumers and taking share away from PayPal, which is one of its longstanding competitors, Deutsche Bank says.
The findings show that Apple Pay grew 52% in November on a year-over-year basis, and 59% in the U.S. alone, even though it accounts for just 5% of global e-commerce purchases, wrote analyst Bryan Keane in a note to clients Monday.
At the same time, usage of PayPal, which makes up 16% of e-commerce purchases worldwide, slipped 8% year over year and 4% on that same basis in the United States.
Investors are watching for data coming later this week on topics such as gross domestic product and jobs for insight into how the economy is performing. And they are waiting for Federal Reserve Chair Jerome Powell’s scheduled speech at the Hutchins Center on Fiscal and Monetary Policy at Brookings on Wednesday for clues into whether the central bank will slow or stop interest rate hikes.
Tuesday’s ticks downward follow steep losses Monday, with the Dow dropping nearly 500 points and the S&P 500 and NASDAQ each losing more than 1%, after protests in mainland China against the country’s zero-Covid policy started over the weekend. The protests elevated concerns over the potential for Chinese COVID protocols that could once again hamper global supply chains.
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 3.76% from Monday’s 3.69%. Treasury prices and yields move in opposite directions.
Oil prices progressed $1.19 to $78.43 U.S. a barrel.
Gold prices gained $6.80 to $1,747.10 U.S. an ounce.
