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Investing.com — U.S. stocks inched lower on Tuesday, extending declines on Wall Street as uncertainty over the path of U.S. interest rates saw traders step back from recent record highs.
By 09:35 ET (14:35 GMT), the benchmark S&P 500 shed 0.5%, the tech-heavy Nasdaq Composite had dipped by 1.0%, and the blue-chip Dow Jones Industrial Average had shed 0.4%.
On Monday, the main averages closed in the red following choppy trading. The benchmark S&P 500 briefly touched intraday record highs thanks in part to a rally in chip stocks fueled by hype around the products that underpin artificial intelligence, although this momentum faded heading into the end of the session.
Powell, payrolls in focus for rate cut cues
Markets were awaiting fresh cues on monetary policy from Federal Reserve Chair Jerome Powell, who is set to offer a two-day testimony before Congress on Wednesday and Thursday.
Analysts expect Powell to largely maintain a hawkish tilt and reiterate his stance that the central bank needs more convincing that inflation is nearing its annual 2% target.
Several Fed officials warned against bets on early rate cuts by the central bank, citing concerns over sticky inflation and resilience in the U.S. economy. Atlanta Fed President Raphael Bostic said on Monday that persistent bets on early Fed rate cuts could trigger an increase in inflationary pressures.
Still, analysts expect that the Fed will have enough conviction by June to begin trimming rates.
Along with Powell’s testimony, the focus this week is also on key nonfarm payrolls data for February.
Tesla slips on weak deliveries of China-made EVs
Shares in Tesla (NASDAQ:TSLA) slipped after the electric vehicle (EV) giant said shipments of its China-made cars had dropped to a 14-month low in February.
Deliveries of EVs made at Tesla’s plant in Shanghai declined by 19% year-on-year to 60,365, the lowest level since December 2022, likely due to disruptions caused by the Lunar New Year holidays.
The drop came as the firm engaged in a bitter price war with its Chinese peers to capture the world’s largest EV market.
Advanced Micro Devices (NASDAQ:AMD) shares also fell after Bloomberg News reported that the U.S. government had placed a hurdle in front of the company’s effort to sell an artificial intelligence chip designed for the Chinese market.
Elsewhere, Target (NYSE:TGT) reported adjusted per-share income in the fourth quarter that topped average analyst estimates, sending shares in the big-box retailer higher.
Ambar Warrick contributed to this report.
Source: Investing.com
