Steven Zhao
Nov 30, 2022 16:12
Following encouraging developments in China overnight and U.S. housing statistics that revealed a further drop in home values, the major US stock indices are anticipated to open Tuesday with mixed results.
Investors are putting their faith in China's early exit from COVID-related curbs.
Tuesday's early loss in the broad S&P 500 and NASDAQ Indexes was reversed after China reported a drop in new COVID-19 infections for the period ending November 28. According to CNBC calculations using Wind Information data, the nation reported that local illnesses, the majority of which lacked symptoms, totaled 38,421, down from a record high of 40,052 reported on Sunday.
The data showed that on November 19, the daily case count decreased from the day before.
On Monday, there was also no sign of any fresh demonstrations. Students and other groups protested the strict zero-COVID policy in China over the weekend by holding rallies in front of the public.
As a result of this announcement, markets rose overnight on expectations that China might lift its COVID restrictions sooner than expected.
Nov 30, 2022 15:30