Stocks slipped early Tuesday as wary investors eyed potential headwinds for the recent rally with markets set to resume after a holiday break.
At the opening bell, the S&P 500 (^GSPC) was down about 0.4%, while the Dow Jones Industrial Average (^DJI) fell 0.5%, or about 180 points.The Nasdaq Composite (^IXIC) dropped 0.3%.
Worries about the health of China’s economy, the second-biggest in the world, persisted as Beijing’s latest cut to a key lending rate fell short of hopes.
Markets are also bracing for Fed Chair Jerome Powell’s two-day testimony to a House committee to start Wednesday, watching for any clues to whether policymakers will resume their rate-hiking campaign in July. A clutch of Fed officials are lined up to speak Tuesday.
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