US stocks bearish in unsteady trading


NEW YORK, N.Y. (KFOR) – Stocks edged lower on Wall Street in unsteady trading Tuesday afternoon as investors closely watch developments in China and economic data.

The S&P 500 slipped 0.2%, on pace for its third straight drop.

The Dow Jones Industrial Average fell 23 points, or 0.1%, to 33,824, and the Nasdaq slid 0.6%.

Small-company stocks were mostly higher. The Russell 2000 rose 0.3%.

Technology stocks were the biggest drag on the broader market. Apple fell 2.4%.

Financial and industrial stocks also rose. American Express added 2% and United Parcel Service rose 2.5%.

Energy stocks rose as U.S. crude oil prices climbed 1.2%.

Bond yields gained ground. The yield on the 10-year Treasury, which influences mortgage rates, rose to 3.75% from 3.68% late Monday.

Markets in Europe were mixed and markets in Asia rose broadly.

Hong Kong’s benchmark index jumped 5.2% as protests in China seemingly calmed down amid a heightened police presence in major cities and the government eases some of its lockdown restrictions.

The Fed’s benchmark rate currently stands at 3.75% to 4%, up from close to zero in March.

Fed Chair Jerome Powell will speak at the Brookings Institution about the outlook for the U.S. economy and the labor market on Wednesday, followed by the weekly unemployment claims report Thursday. The closely watched monthly report on the job market will be released on Friday.

Yuri Kageyama contributed to this report from Tokyo.

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