Xi visits Longfusi commercial area in Beijing, extending Spring Festival greetings to all Chinese

Chinese President Xi Jinping visited the renovated Longfusi commercial area in Beijing's Dongcheng District on Tuesday, extending Spring Festival greetings to all Chinese people.

Xi, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, paid an inspection tour of the Chinese capital from Monday to Tuesday. Arriving at the Longfusi commercial area on Tuesday, Xi was briefed on urban renewal efforts.

He stopped by a store of the traditional bakery brand Daoxiangcun, where he watched pastry-making.

At a Spring Festival market, he visited various stalls selling festive goods and talked with people there, sharing memories of his visits to the area when he was young. He also bought some specialty food and culture-themed products.

Xi said he was very pleased to see the bustling, vibrant festive scene and well-stocked holiday goods.

The Spring Festival is an important occasion for the people, Xi said, urging officials at all levels to make solid efforts in ensuring people's wellbeing and strengthening workplace safety so that everyone can enjoy a joyful Chinese New Year.

Xi wished all Chinese people good health, career success, and family happiness. He also wished the country peace and prosperity in the Year of the Horse.

Xi visits Longfusi commercial area in Beijing, extending Spring Festival greetings to all Chinese

Xi visits Longfusi commercial area in Beijing, extending Spring Festival greetings to all Chinese

U.S. stocks ended lower on Tuesday as climbing U.S. Treasury yields continued to weigh on investor sentiment.

The Dow Jones Industrial Average dropped 322.24 points, or 0.65 percent, to 49,363.88. The The Standard and Poor's 500 sank 49.44 points, or 0.67 percent, to 7,353.61, and the tech-heavy Nasdaq Composite Index shed 220.03 points, or 0.84 percent, to close at 25,870.71.

A primary source of downward pressure came from the fixed-income market. The yield on the benchmark 10-year U.S. Treasury note climbed back above 4.6 percent, while the 30-year Treasury yield nearly touched 5.2 percent, marking its highest level in nearly 19 years.

The high-yield environment acted as a drag on high-valuation growth sectors, which are particularly sensitive to elevated interest rates. Six of the 11 primary The Standard and Poor's 500 sectors closed in negative territory, with materials and communication services leading the declines by dropping 2.27 percent and 1.58 percent, respectively. In contrast, the healthcare sector gained 1.09 percent and the energy sector advanced 1.03 percent.

Market participants are also focusing on Wednesday's upcoming after-hours earnings release from Nvidia.

U.S. stocks close lower amid rising yields