US stocks traded mixed on Tuesday as investors weighed climbing coronavirus cases with economic-reopening efforts.
Coronavirus cases continue to climb in multiple US states, leading to rollbacks of reopening phases and new restrictions.
Federal Reserve Chairman Jerome Powell and Treasury Secretary Steve Mnuchin are set to testify before the House Financial Services committee at 12:30 p.m. on Tuesday.
on Business Insider.
US stocks traded mixed on Tuesday amid a continued increase in coronavirus cases, which investors fear could derail or slow economic-reopening activity in some states.
States such as Texas, California, Florida, and Arizona have rolled back reopening plans and imposed new restrictions as local COVID-19 cases have spiked. On Monday, New Jersey delayed indoor dining in its phased reopening, and New York said it would also consider postponing the phase.
Here’s where US indexes stood shortly after the 9:30 a.m. ET market open on Tuesday:
S&P 500: 3,059.15, up 0.2%
Dow Jones industrial average: 25,550.22, down 0.2% (46 points)
Nasdaq composite: 9,918.05, up 0.4%
Read more: Goldman Sachs has formulated a strategy that could triple the market’s return within a year as volatility remains higher than normal — including 11 new stock picks for the months ahead
Wells Fargo declined after saying it would likely slash its dividend in the third quarter to comply with the Federal Reserve’s stress test. Bank of America, Citigroup, Goldman Sachs, and JPMorgan said their dividends would remain the same.
Shares of Boeing slumped Tuesday after Norwegian Air Shuttle cancelled a deal for its jets. Uber rose on news that it is considering purchasing Postmates Inc for about $2.6 billion.
Meanwhile, Federal Reserve Chairman Jerome Powell and Treasury Secretary Steve Mnuchin are set to testify before the House Financial Services committee at 12:30 p.m. on Tuesday. In prepared …read more
Source:: Business Insider