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Apple Dips ahead of Powell Speech

The S&P 500 ended down on Tuesday, with losses in Apple (NASDAQ: AAPL) and Amazon (NASDAQ:AMZN) ahead of an upcoming speech by U.S. Federal Reserve Chair Jerome Powell that could provide hints about the magnitude of future interest rate hikes.



Investors also focused on recent protests against COVID-19 curbs in China, including at the world's biggest iPhone factory.

Apple's stock dropped 2.1%, down for a fourth straight session.

Powell is due to speak at a Brookings Institution event on Wednesday about the outlook for the U.S. economy and the labor market. Investors will be looking for clues about when the Fed will slow the pace of its aggressive interest rate hikes.

"No one is willing to buy ahead of tomorrow with Powell speaking. Everyone is nervous about what he is going to say," said Ron Saba, senior portfolio manager at Horizon Investments in Charlotte.

Shares of Amazon, Nvidia (NASDAQ: NVDA), and Tesla (NASDAQ: TSLA) each lost more than 1%.

The S&P 500 declined 0.16% to end the session at 3,957.60 points.

The Nasdaq declined 0.59% to 10,983.78 points, while the Dow Jones Industrial Average rose 0.01% to 33,852.13 points.

Despite the S&P 500's decline, advancing issues outnumbered falling ones by a 1.3-to-one ratio.

The S&P 500 posted three new highs and two new lows; the Nasdaq recorded 68 new highs and 183 new lows.

U.S.-listed shares of Chinese companies Alibaba (NYSE: BABA) Group Holding Ltd, Pinduoduo (NASDAQ: PDD) Inc and JD (NASDAQ: JD).com Inc jumped more than 5% after China broadened equity financing channels for property developers.

Shares of Chinese internet firm Bilibili (NASDAQ: BILI) Inc soared 22% after posting upbeat quarterly results.

Volume on U.S. exchanges was relatively light, with 9.6 billion shares traded, compared with an average of 11.2 billion shares over the previous 20 sessions.

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