The S&P 500 and the Nasdaq closed lower on Tuesday after the release of U.S. economic data at the start of a holiday-shortened week while bond yields rose after China said it would scrap its COVID-19 quarantine rule for inbound travelers. U.S. Treasury yields rose as investors tried to assess the path of interest rate hikes from the Federal Reserve and eyed China’s scaling back of restrictions. While China’s changes were seen as a potential economic boost, money managers were cautious about reports of increasing infection rates there.
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