US Stocks retreat as China Covid concerns ease

US stocks slid on Tuesday as Wall Street continued a slow start to the week, with investors continuing to monitor the latest developments related to the sudden surge of protests in China over the government’s “zero COVID” stance.

The S&P 500 was down 0.4% in midday trading, while the Dow Jones Industrial Average ticked down by 0.3%. The technology-heavy Nasdaq Composite ticked lower as much as 0.6%.

All eyes turn to Federal Reserve Chair Jerome Powell’s speech on Wednesday, though it is unclear what more Powell could say that we have not heard from recent Fed’s speakers. While Fed’s rate hiking at a slower pace is off the table, investors are looking for a pause are unlikely to find that support from Powell this week.