Dreary trading graced the US stock market on Tuesday after returning from a long weekend.
All three major US indexes ended the New York session in negative territory but avoided closing at record lows, with the Dow Jones Industrial down 0.72% to 34,053.87.
While the S&P 500 index fell 0.47% to 4,388.71 while the Nasdaq Composite fell 0.16% to 13,667.29. The US30 index was stable at around 34,067.50 during the Asian session.
The testimony of Federal Reserve (Fed) Chairman Jerome Powell is now the focus of investors who are able to be the market mover this week.
The Fed's move to keep interest rates on hold in June was well received by investors, but it also expects two more hikes this year.
Overall, energy stocks suffered the biggest percentage decline, at 2.3% in the sector's biggest daily drop in a month.
This follows signs that weak Chinese demand has caused crude oil prices to decline.
Here are some stocks that are the focus of investors in the New York session.
Shares of electric vehicles Tesla Inc and Rivian Automotive Inc rose 5.3% and 5.5%, respectively, after Rivian announced an agreement to adopt Tesla's charging standard.
Paypal Holdings jumped 3.7% after KKR & Co agreed to buy $43 billion of the company's "buy now, pay later" loans in Europe.
Nike, meanwhile, fell 3.6% after Morgan Stanley said it expected margin pressure arising from the company's excess inventory.
Adobe Inc fell 1.9% following reports that European antitrust regulators are preparing to investigate the firm's deal to buy cloud-based designer platform Figma.
Fedex Corp fell nearly 5% in extended trade after the company reported dismal quarterly results.
Shares of US-listed Alibaba Group fell 4.5% after announcing Daniel Zhang would step down as CEO and chairman to focus on the company's cloud division.
