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Stocks slid Tuesday during the midday trading session as investors awaited fresh comments from Federal Reserve Chairman Jerome Powell and eyed potential headwinds to the recent rally, including concerns about the Chinese economy.
The Dow Jones Industrial Average (^DJI) fell 0.84%, or more than 280 points. The S&P 500 (^GSPC) was down about 0.6%, while the Nasdaq Composite (^IXIC) dropped 0.5%.
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 as to whether policymakers will resume their rate-hiking campaign in July. A clutch of Fed officials were lined up to speak Tuesday.
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