China rolled back more of its strict COVID-19 rules that have hindered that nation's economy and added more uncertainty to global supply chains.
A growing number of analysts expect the U.S. economy to slip into a recession in 2023, but are unsure of its potential severity and duration.
The U.S. will release data on weekly unemployment claims on Thursday. The jobs market has been a strong area of the otherwise slowing economy and that has made it more difficult for the Fed to tame inflation. The central bank is expected to raise interest rates by a half-percentage point at its meeting next week. It has raised its benchmark rate six times since March, driving it to a range of 3.75% to 4%, the highest in 15 years. Wall Street expects the benchmark rate to reach a peak range of 5% to 5.25% by the middle of 2023.
The S&P 500 fell 0.2% as of 2:29 p.m. Eastern. The Dow Jones Industrial Average fell 10 points, or less than 0.1%, to 33,585 and the tech-heavy Nasdaq composite fell 0.5%.Treasury yields fell significantly. The yield on the 10-year Treasury slid to 3.43% from 3.53% late Tuesday.
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