Stocks were little changed as Wall Street tries to rebound from back-to-back losing sessions
Stocks were little changed on Tuesday as Wall Street sought stability after another day of falling stocks.
The Dow Jones Industrial Average rose 37 points, or 0.1%. The S&P 500 advanced 0.01% and the Nasdaq Composite added 0.2%.
These measures come as energy prices have fallen. West Texas Intermediate futures, the US oil benchmark, fell more than 3.5%. Natural gas futures also fell.
Wall Street has just experienced a second straight decline, with the Dow Jones losing 184 points on Monday. The S&P 500 fell 0.67% and the Nasdaq Composite fell 1.02%.
The market gave back some of its gains from the summer after recent comments from Federal Reserve officials made it clear that the central bank aims to continue its rate hikes, even if they cause economic hardship.
“Investors are accepting that the Fed is serious about reining in inflation, even though recent data suggests inflation is starting to come down,” said Rod von Lipsey, managing director of UBS Private Wealth Management.
“We believe the market’s summer rally was short-lived and continue to urge investors to remain selective and focus on defensive equity sectors like health care and dividend-paying stocks,” von Lipsey added.
On Tuesday, investors will receive several updates on the state of the economy, including the Conference Board’s consumer confidence survey for August and the Bureau of Labor Statistics job openings release for July.