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U.S. stocks were up early Tuesday morning after slipping on Monday and losing some momentum after bouncing back last week on easing expectations about the path of Federal Reserve interest rate hikes.
The S&P 500 shed early gains and closed down 11.63 points, or 0.3%, at 3900.11. The Dow Jones Industrial Average fell 62.42 points, or 0.2%, to 31,438.26, while the technology-focused Nasdaq Composite Index fell 83.07 points, or 0.7%, to 11,524. .55.
Traders described Monday as a calm day, with low volumes and investors in a holding pattern, with little silver movement. Weaker-than-expected US economic data caused investors to reassess their expectations for a furious pace of monetary policy tightening from the Federal Reserve.
The Fed’s plans to raise rates and rein in inflation have sparked volatility in global markets this year and sent the S&P 500 into a bear market, down 20% from a recent high, more early this month.
But recent reports have indicated that the US economy – and potentially inflation – is beginning to calm down. The latest evidence came on Friday as the University of Michigan revised down its June reading of inflation expectations over the next five to 10 years – to 3.1% from 3.3%.
U.S. consumer confidence data is also on the agenda in a week with few other major economic releases, leading some investors to take a “wait and see” stance, said IG’s Jun Rong Yeap.
Meanwhile, benchmarks rose in Tokyo, Seoul and Sydney, but fell in Hong Kong and Shanghai. Tokyo’s Nikkei 225 gained 0.3% to 26,959.17 while Seoul’s Kospi also rose 0.3% to 2,408.57.
Australia’s S&P/ASX 200 climbed 0.6% to 6,743.20.
Hong Kong’s Hang Seng Index fell 0.9% to 22,033.62 and the Shanghai Composite Index was virtually unchanged at 3,379.94. Shares fell in Taiwan and India, but rose in Bangkok.
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