Wall Street was mostly lower at the beginning of a holiday- shortened week on Tuesday as investors weighed the likelihood of protracted restrictive Fed policy against China's relaxation of its strict zero-COVID rules.
"On down days value tends to do well relative to growth," said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York.
"There's not a lot of news out there, thin volume, the China issue is out there, the normalization of a post-COVID environment," Ghriskey added.tumbled 8.3% after a review by Reuters of an internal schedule revealed the electric vehicle maker plans to scale back production at its Shanghai plant.Rising Treasury yields put interest rate sensitive growth stocks under pressure, a recurring theme in 2022.
With just four trading days remaining in 2022, all three indexes are on course to post their biggest annual loss since 2008, the nadir of the global financial crisis. " was all about the Fed raising rates, perhaps belatedly," Ghriskey said. The aggressiveness to bring inflation down to the 2% level has shocked the market and investors.its strict COVID-19 curbs, which have battered the $17 trillion economy, fueling hopes of a revival in global demand and an improving supply chain.
On the economic front, the Commerce Department's initial take on the U.S. goods trade balance showed the deficit narrowing by 15.6%, while S&P Case-Shiller showed home price growth in its 20-city composite cooled to 8.6% year-on-year, the lowest reading since November 2020.
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