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  3. US markets end mostly in red on Tuesday

US markets end mostly in red on Tuesday

30 Nov 2022 Evaluate

The US markets ended mostly in red on Tuesday as traders struggled to recover from sharp losses suffered in the previous session. Investors were watching for data coming later this week, including JOLTS job openings on Wednesday and November payrolls Friday, for insight into how the economy is performing. They were also waiting for Federal Reserve Chair Jerome Powell’s scheduled speech at the Hutchins Center on Fiscal and Monetary Policy at Brookings on Wednesday for clues into whether the central bank will slow or stop interest rate hikes. The choppy trading on markets came amid lingering uncertainty about the situation in China following widespread protests over the country's Covid restrictions. On the sectoral front, despite the lackluster performance by the broader markets, gold stocks moved sharply higher in the day, driving the NYSE Arca Gold Bugs Index up by 2.9 percent. Significant strength was also visible among steel stocks, as reflected by the 2.8 percent surge by the NYSE Arca Steel Index.

On the economic data front, citing a recent increase in gas prices, the Conference Board released a report showing a modest decrease in U.S. consumer confidence in the month of November. The Conference Board said its consumer confidence index dipped to 100.2 in November from a revised 102.2 in October. Street had expected the index to slip to 100.0 from the 102.5 originally reported for the previous month. The modest decrease by the headline index came as the present situation index edged down to 137.4 in November from 138.7 in October. The report showed the expectations index also fell to 75.4 in November from 77.9 in October, as consumers remain pessimistic about the short-term business conditions outlook. The Conference Board said consumers were also more downbeat about the short-term labor market outlook as well as their short-term income prospects.

Nasdaq dropped 65.72 points or 0.59 percent to 10,983.78 and S&P 500 was down by 6.31 points 0.16 percent to 3,957.63, while Dow Jones Industrial Average added 3.07 points or 0.01 percent to 33,852.53.

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