All three main indices on the Wall Street Stock Exchange continued their decline from Monday to the end of Tuesday.
- The wide S&P 500 fell by 2.01 percent to 3,821.55.
- The tech index Nasdaq ended down 2.98 percent to 11,181.54.
- The industry index Dow Jones ended down 1.56 percent to 30,946.99.
The ten-year US government bond yield just ended 0.11 basis points to 3.183 percent, while the VIX index ended up 5.27 percent to 28.37.
“Right now we are at a turning point in the market, where actual spending and economic activity are still positive, but consumer confidence and financial conditions such as interest rates continue to decline going forward,” said Chris Zaccarelli, chief investment officer of the Independent Advisor Alliance.
On Tuesday, China eased Covid restrictions on incoming travelers, cutting the quarantine period on arrival to seven days. It gave travel and casino shares a boost.
“One of the more difficult conversations in this industry is evaluating whether there will be new setbacks in the market or whether one can now see progress,” wrote Chris Verrone, technical analyst at Strategas.
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