- US stocks were mixed Tuesday while oil prices and bond yields rose as investors look to remarks Wednesday from Jerome Powell.
- The Federal Reserve chairman is scheduled to speak at the Brookings Institution at 1:30 p.m. ET.
US stocks closed mixed on Tuesday as investors anticipated the forthcoming comments from Federal Reserve Chair Jerome Powell.
He is set to speak at the Brookings Institution on Wednesday at 1:30 p.m. ET in his last remarks before the December 13-14 FOMC policy meeting. Consesus expectations are calling for a 50-basis-point hike next month.
Elsewhere, markets in China rebounded after protests against the country's zero-COVID triggered a sell-off Monday. The Shanghai Composite Index climbed 2.3% and Hong Kong's Hang Seng Index jumped 5.2% as China reported lower COVID infections and touted an increase in vaccinations. Health officials in Beijing also said restrictions would be loosened once the current outbreak comes under control.
Here's where US indexes stood as the market closed at 4:30 p.m. on Tuesday:
- S&P 500: 3,957.62, up 0.16%
- Dow Jones Industrial Average: 33,852.53, up 0.01% (3.07 points)
- Nasdaq Composite: 10,983.78, down 0.59%
Here's what else is happening:
- Elon Musk's ongoing Twitter drama has been a drag for Tesla's stock price, and it could expose the electric vehicle maker to further risks, Morgan Stanley said.
- Energy markets could see a big shakeup in the coming week as OPEC+ meets and the EU's Russian oil embargo takes effect, said RBC's commodity chief.
- Predictions that a potential recession will be mild are too optimistic, Mohamed El-Erian said.
- Russian oil product shipments are on track to hit the highest since February, when Moscow launched its invasion of Ukraine.
In commodities, bonds, and crypto:
- Oil prices were higher, with West Texas Intermediate up 1.38% to $78.27 a barrel. Brent crude, the international benchmark, gained 0.30% to $83.43 a barrel.
- Gold climbed o.51% to $1,749.58 an ounce.
- The 10-year yield ticked up 4.6 basis points to 3.748%.
- Bitcoin added 0.17% to $16,433.87