Stocks ended the session lower Tuesday as investors awaited Federal Reserve Chairman Jerome Powell’s testimony and eyed potential headwinds to the recent rally, including concerns about China’s economy.
The Dow Jones Industrial Average (^DJI) fell 0.72%, or more than 200 points. The S&P 500 (^GSPC) was down about 0.47%, while the Nasdaq Composite (^IXIC) dropped 0.16%.
Worries about the health of China’s economy, the second-biggest in the world, persisted as Beijing’s latest cut to a key lending rate fell short of hopes.
Markets are also bracing for Powell’s two-day testimony to a House committee set to start Wednesday, watching for any clues as to whether policymakers will resume their rate-hiking campaign in July. A clutch of Fed officials were lined up to speak Tuesday.
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