Stocks ended the session lower Tuesday as financiers waited for Federal Reserve Chairman Jerome Powell’s statement and considered prospective headwinds to the recent rally, consisting of issues about China’s economy.
The Dow Jones Industrial Average (^DJI) fell 0.72%, or more than 200 points. The S&P 500 (^GSPC) was down about 0.47%, while the Nasdaq Composite (^IXIC) dropped 0.16%.
Worries about the health of China’s economy, the second-biggest on the planet, continued as Beijing’s latest cut to an essential financing rate disappointed hopes.
Markets are likewise bracing for Powell’s two-day statement to a House committee set to start Wednesday, expecting any ideas regarding whether policymakers will resume their rate-hiking campaign in July. A clutch of Fed authorities were lined up to speak Tuesday.
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