The stock market saw mixed results on Tuesday, January 31, 2023, as investors weighed the possibility of a Fed rate hike and economic data from China.

The Dow Jones Industrial Average fell 37.81 points, or 0.1%, to 31,521.69, while the S&P 500 rose 0.1%, to 3,935.11. The Nasdaq Composite rose 0.3%, to 13,965.68.

In Asia, stocks were mostly lower, with the Hang Seng falling 2.1%, as shares of Alibaba tumbled on reports of a headquarters shift. The Shanghai Composite rose 0.2%, while the Nikkei 225 fell 0.2%.

China’s manufacturing activity showed growth, with the official Purchasing Managers’ Index rising to 51.3 in January, up from 50.9 in December.

The markets were also awaiting the outcome of the Federal Reserve’s meeting this week, with investors expecting the central bank to extend its monthly bond-buying program.