Dow opens lower ahead of hearing with Fed chief

• The broad-based S&P 500 shed 0.3 percent to 2,945.51, while the tech-rich Nasdaq Composite Index added 0.3 percent at 9,258.56.

NEW YORK: Wall Street stocks were mostly lower early Tuesday ahead of congressional testimony by top US economic policymakers as Walmart shares jumped on strong quarterly results.

About 15 minutes into trading, the Dow Jones Industrial Average stood at 24,455.52, down 0.6 percent.

The broad-based S&P 500 shed 0.3 percent to 2,945.51, while the tech-rich Nasdaq Composite Index added 0.3 percent at 9,258.56.

Investors were looking ahead to testimony Tuesday morning by US Treasury Secretary Steven Mnuchin and Federal Reserve Chair Jerome Powell, the two officials leading the US response to the economic crisis caused by COVID-19.

The session comes as congressional Democrats and Republicans remain divided on the need for additional federal emergency spending as the US economy absorbs the hit from the loss of more than 36 million jobs since mid-March following coronavirus shutdowns.

Among individual companies, Walmart rose 1.4 percent as it reported higher first-quarter profits on surging demand in the US fueled by a 74 percent jump in e-commerce sales.

The dip in early trading comes after Monday's rally, which saw the Dow pile on 3.9 percent following positive news on the first clinical tests of a coronavirus vaccine candidate.