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The Dow Jones Industrial Average dipped Tuesday as investors awaited a speech in Washington by Federal Reserve Chairman Jerome Powell for hints on the direction of interest rates.
The 30-stock index dropped 88.82 points at 33,802.20.
The S&P 500 dipped 0.62 points to 4,110.46
The NASDAQ Composite recovered 19.03 points, however, to 11,906.48.
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 pressed on Tuesday, with results from companies such as Chipotle coming after the bell. So far this season, a little over half of S&P 500 companies have reported earnings, with about 69% surpassing expectations, according to FactSet data.
Hertz gained 7% and DuPont advanced 5%, on the back of earnings that came in above Wall Street expectations. Royal Caribbean added more than 4% after offering an outlook for 2023 earnings that was above analyst expectations. Pinterest and Chegg slid after reporting earnings post-market Monday.
Prices for the 10-year Treasury subsided, raising yields to 3.66% from Monday’s 3.65%. Treasury prices and yields move in opposite directions.
Oil prices advanced $2.71 to $76.82 U.S. a barrel.
Gold prices hiked $8.20 to $1,887.70 U.S. an ounce.
