The S&P 500 was down 0.5% as of 2:31 p.m. Eastern, while the Nasdaq composite was down 1.4%. Both indexes are coming off their third straight weekly loss. The Dow Jones Industrial Average rose 7 points, or less than 0.1%, to 33,212.Technology stocks, automakers and communication services companies accounted for a big share of the decliners in the S&P 500. Apple fell 1.5%, Ford slid 1.3% and Netflix was off 2.9%.
Energy stocks were the biggest gainers among S&P 500 companies as crude oil and natural gas prices headed higher. Hess rose 1.1%. Uncertainty about how far the Federal Reserve and other central banks would go to fight the highest inflation in decades has kept investors on edge. The Fed raised its key interest rate seven times this year and has signaled more hikes to come in 2023, even though the pace of price increases has been easing.
Elsewhere around the world, shares advanced Tuesday after China announced it would relax more of its pandemic restrictions despite widespread outbreaks of COVID-19 that are straining its medical systems and disrupting business.China’s National Health Commission said Monday that passengers arriving from abroad will no longer have to observe a quarantine, starting Jan. 8. They will still need a negative virus test within 48 hours of their departure and to wear masks on their flights.
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