U.S. stocks slid Tuesday as investors awaited testimony from Federal Reserve Chair Jerome Powell on insights into interest rates, trade tariffs and inflation data.
Powell is scheduled to testify before the House Financial Services Committee on Wednesday. January Consumer Price Index (CPI) data will be released tomorrow at 8:30am.
At 09:46 am ET, the Dow Jones industrial average fell to 108.74 points (0.24%) to 44,361.67, with the S&P 500 losing 14.79 points (0.24%) to 6,051.65, while the NASDAQ Composite losing 55.41 points. , to 19,658.86.
At the opening bell, the Dow Jones industrial average fell to 69.0 points (0.16%) to 44,401.38. The S&P 500 fell 17.1 points (0.28%) to 6,049.32, while the Nasdaq Composite fell 112.2 points (0.57%) to 19,602.112.
In the bond market, the 10-year Treasury yield rose to 4.53% from 4.50% on Monday. The Treasury yield in the second year ranged from 4.28% to a maximum of 4.29%.
The winner and the loser
Inventories for steel maker Cleveland Cliff and Steel Dynamics rose 2.1% and 1.1%, respectively, the day after Trump announced the taxation on steel and aluminum.
Aluminum century Aluminum increased by 9.9%.
Megacap stocks such as Microsoft, Meta Platforms and Tesla fell between 0.4% and 0.9%. Apple’s shares rose about 1% after reporting that it is partnering with Alibaba to develop and deploy artificial intelligence capabilities for iPhone users in China.
Fidelity National Information Services stock fell 16.1% since the company predicted first quarter earnings below estimates.
Coca-Cola rose 3.6% as beverage makers violated its fourth-quarter earnings estimates.
Phillips 66 shares rose 3.8% after activist Elliot Investment Management said it had built more than $2.5 billion in shares in oil refiner.
Dupont de Nemours added 4.8% after industrial materials manufacturers raised their 2025 profit forecast for strong electronics demand.
Land
Gold prices slipped on Tuesday as investors booked profits following record highs. Spot Gold fell 0.4% to $2,896.53 per ounce at 08:47 AM ET (1347 GMT). US gold futures fell 0.4% to $2,923.50. Spotsilver fell 1.6% per ounce to $31.53.
crude oil
Oil prices rose on Tuesday amid concerns over Russian and Iranian oil supply.
Brent crude futures rose $1.20 (1.6%) to $77.06 per barrel at 1409 GMT, while U.S. West Texas intermediate crude surged 1.11, or 1.5% to $73.43.
