Stock Market Coverage – Tuesday Morning November 29 Yahoo Finance

Stock Market Coverage - Tuesday Morning November 29 Yahoo Finance

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U.S. stocks wavered to start Tuesday’s session as investors monitored the latest developments related to the sudden surge of protests in China over the government’s "zero COVID" stance.

The S&P 500 (^GSPC) was flat in early trading, while the Dow Jones Industrial Average (^DJI) ticked down by 0.2%. The technology-heavy Nasdaq Composite (^IXIC) ticked slightly higher at the open.

Stocks finished lower Monday, as protests against China’s strict COVID policies had far-reaching consequences across global markets. The S&P 500 declined more than 1%, the first time it did so on a post-Thanksgiving Monday since 2008, according to Bespoke Investments. The U.S. dollar weakened against a basket of peers, following days of gains, as the yuan dipped. In oil markets Tuesday, the global benchmark Brent crude climbed 2.6% to trade above $86 a barrel.

Monday’s selloff accelerated following remarks of two Federal Reserve officials, who stressed the central bank’s rate-hiking campaign will continue. New York Fed President John Williams on Monday said there was still "more work to do" to bring down inflation.

"Stronger demand for labor, stronger demand in the economy than I previously thought, and then somewhat higher underlying inflation, suggest a modestly higher path for policy relative to September," Williams told reporters Monday after an event hosted by the Economic Club of New York.

At another event, St. Louis Fed President James Bullard said "we’ve got a ways to go to get restrictive.” Bullard also pointed out that the Fed’s target policy rates need to rise to at least a range between 5.00% and 5.25% from the current level of 3.75%-4.00% to be "sufficiently restrictive" to curb inflation.

All eyes turn to Federal Reserve Chair Jerome Powell’s speech on Wednesday, though "it is unclear what more Powell could say that we have not heard from recent Fedspeakers," wrote Andrew Tyler, head of US Market Intelligence at J.P. Morgan. "While a Fed pivot is currently off the table, investors looking for a pause are unlikely to find that support from Powell this week."

Meanwhile, investors are bracing for a jam-packed week of economic data. Housing data from S&P CoreLogic Case-Shiller National Home Price Index showed that U.S. home prices fell 1% in September from August, posting a third consecutive monthly decline. This slowdown comes as mortgage rates have surged to 7% from 3% in 10 months. The Conference Board’s Consumer Confidence Index, the latest indicator of the strength of the U.S. economy, will be out after the opening bell.

In corporate news, Apple (AAPL) stock edged higher in premarket trading Tuesday following turmoil at the world’s largest iPhone factory in Zhengzhou. The unrest in China further sparked fears of a shortfall of close to 6 million iPhone Pro units this year, Bloomberg reported. Apple also found itself at the other end of Elon Musk’s ire, as the billionaire owner of Twitter is picking a fight with the company. Musk targeted the company over its ad spending on Twitter and raised the prospect of a bigger battle over Twitter’s availability on the Apple App Store.

On the earnings front, CrowdStrike Holdings, Inc (CRWD), Intuit (INTU), and Workday (WDAY) are set to report Tuesday.

Elsewhere, in the crypto world, BlockFi, a crypto loan and borrow platform, filed for bankruptcy. The crypto lender is the latest in a string of platforms in the digital assets market that have crumbled following FTX’s collapse.

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