© Reuters. People can be seen on Wall Street outside the NYSE in New York
By Medha Singh and Devik Jain
(Reuters) – Wall Street was subdued Tuesday as energy stocks slumped as investors pre-sent US Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen's remarks on indications of their tolerance of higher bond yields marked.
The S&P energy index lost 1.5% as oil prices fell more than 3% on fears that new pandemic restrictions and slow vaccine rollouts in Europe could slow the recovery in demand.
The US stock market rebounded on Monday as investors exited undervalued economy-linked banks and energy stocks and switched to tech stocks in a slight reversal of this year's trend.
"It really is a sense of confusion as the market looks for the next lead or continued lead in value stocks," said Julian Emanuel, chief strategist, stocks and derivatives at BTIG.
The benchmark and blue-chip Dow have rebounded about 79% from their pandemic lows hit exactly a year ago, while the tech-heavy Nasdaq has doubled in value.
The CBOE volatility index fell to its lowest level in 13 months.
Powell is expected to reaffirm its confidence in economic growth while also warning that the recovery is far from over. Yellen is likely to paint an optimistic picture of the economy later in the day before US lawmakers. Your congressional hearings begin at noon. ET (1600 GMT).
At 10:17 a.m. CET, the S&P 500 rose 2.53 points or 0.01% to 32,733.73, the S&P 500 rose 3.22 points or 0.08% to 3,943.81, and the S&P 500 rose by 4 .62 points or 0.03% to 13,382.16.
Video game dealer stocks GameStop Corp. NYSE: down 3.4% ahead of fourth quarter results due after the close of the market. The company announced the departure of its chief customer officer as the latest sign of a major overhaul of an e-commerce company.
ViacomCBS (NASDAQ 🙂 Inc fell about 8% after the media company launched $ 3 billion in stock deals to raise capital to invest in streaming.
US-listed shares of Chinese internet search company Baidu Inc (NASDAQ 🙂 fell 3% after a flat debut in Hong Kong as investors feared a fundraiser in the city and questioned the company's growth plans.
Declining issues outperformed the NYSE by 2.30 to 1 and the Nasdaq by 2.97 to 1.
The S&P index posted eight new 52-week highs and no new low, while the Nasdaq posted 29 new highs and 22 new lows.
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