China embraces Spring Festival with various folk activities

Cities and towns across China are celebrating the approaching Spring Festival with vibrant folk performances, festive activities, and spectacular light displays. From China's north to south, celebration activities are staged with distinctive regional traditions.

In Altay of northwest China's Xinjiang Uygur Autonomous Region, dragon dance parades featured horse riders and performance with Dombra, a traditional music instrument of the local Kazak people. In the Huize Ancient Town of Yunnan Province in southwest China, intangible cultural heritage shows and interactive folk activities in the historic alleys brought visitors a fresh Chinese New Year experience.

Holiday markets have opened nationwide. In Mudanjiang City in Heilongjiang Province in northeast China，a large fair has attracted residents and tourists with festive goods and local delicacies. In Changxing county in east China's Zhejiang province, visitors have been enjoying a traditional "fish and mutton banquet" featuring authentic local Chinese New Year flavors. Meanwhile, in Guangzhou, south China's Guangdong Province, a century-old flower market has been crowded with shoppers seeking to bring springtime blooms into their homes for the holiday.

From urban centers to rural areas, the festive atmosphere permeated day to night. In Beijing, colorful lights adorn 300 sites, ranging from historic landmarks to modern skyscrapers. Shopping districts in Shanghai have featured lanterns with auspicious themes. In Shangrao in east China's Jiangxi Province, residents of an ancient town paraded a 100-meter dragon lantern through historic streets.

This years' Spring Festival falls on Feb 17, ushering in the Year of the Horse, the seventh animal in the 12-year cycle of the Chinese zodiac.

China embraces Spring Festival with various folk activities

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