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Wall Street ends near flat on cautious note ahead of Fed

Stock MarketsSep 21, 2021 08:15PM ET
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© Reuters. FILE PHOTO: The front facade of the New York Stock Exchange (NYSE) is seen in New York, U.S., February 16, 2021. REUTERS/Brendan McDermid/File Photo

By Caroline Valetkevitch

NEW YORK (Reuters) - U.S. stocks ended near flat on Tuesday after a broad sell-off the day before, with worries over troubles at developer China Evergrande and caution ahead of Wednesday's Federal Reserve policy news keeping a lid on the market.

Trading was choppy, with the Dow and S&P 500 erasing session gains just before the close, while the Nasdaq finished slightly higher.

Shares of Walt Disney (NYSE:DIS) Co fell 4.2% and were the biggest drag on both the S&P 500 and Dow after Chief Executive Officer Bob Chapek said the resurgence of the Delta variant of the coronavirus was delaying production of some of its titles.

Concerns over China Evergrande Group have put investors on edge and added to recent worries over economic growth from the Delta variant.

Persistent default fears overshadowed efforts by Evergrande's chairman to boost confidence in the firm on Tuesday, while Beijing showed no signs it would intervene to stem any effects across the global economy.

"People have been preconditioned to buy pullbacks for most of the last year plus," said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles.

"But that overhead nervousness is still there," he said. "The Evergrande situation is still a black cloud hanging over global markets. Combine that with uncertainty with Fed commentary coming tomorrow, and there's a reluctance to get overly aggressive on the long side."

Investors are waiting for the end of this week's Fed meeting that may shed light on when its massive purchase of government debt will begin to ease.

Officials will reveal new projections as investors also are on alert for any timing on rate tightening.

The Dow Jones Industrial Average fell 50.63 points, or 0.15%, to 33,919.84, the S&P 500 lost 3.54 points, or 0.08%, to 4,354.19 and the Nasdaq Composite added 32.50 points, or 0.22%, to 14,746.40.

S&P 500 industrials led losses among sectors.

Adding to late-day bearishness, shares of American Airlines (NASDAQ:AAL) Group Inc and JetBlue Airways (NASDAQ:JBLU) Corp fell after records in Boston federal court showed the United States and several U.S. states on Tuesday filed an antitrust lawsuit against the companies. American Airlines ended down 2.8% while JetBlue fell 4.8%.

The S&P 500 index traded below its 50-day moving average, its first major breach in more than six months. The average has served as a floor for the index this year.

Analysts say a breach of the index's 200-day moving average may now be in sight.

Advancing issues outnumbered declining ones on the NYSE by a 1.32-to-1 ratio; on Nasdaq, a 1.35-to-1 ratio favored advancers.

The S&P 500 posted no new 52-week highs and six new lows; the Nasdaq Composite recorded 41 new highs and 98 new lows.

Volume on U.S. exchanges was 9.73 billion shares, compared with the 9.95 billion average for the full session over the last 20 trading days.

Wall Street ends near flat on cautious note ahead of Fed
 

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Comments (13)
Daniel Hodel
Daniel Hodel Sep 22, 2021 1:15AM ET
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Keep printing money! It’s been working for years. Rember when Trump wanted negative interest rates? Ask Japan how that worked out. 18 yr. recession. Good times.
John Kochkerian
John Kochkerian Sep 22, 2021 1:15AM ET
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So then leave America
Daniel Hodel
Daniel Hodel Sep 22, 2021 1:15AM ET
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John Kochkerian The low interest rates just award the degenerates that have no idea about financial responsibility. I would leave, but who wants to buy my house with 32,000 a year on property taxes?
William Bailey
William Bailey Sep 21, 2021 10:32PM ET
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Oooh aaaaah …. Free Fed cash forever to markets passed in the house !! No chance in Senate!!!!
William Bailey
William Bailey Sep 21, 2021 9:08PM ET
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Futures down!!!
John Miller
John Miller Sep 21, 2021 3:14PM ET
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recovers = not crash further
William Bailey
William Bailey Sep 21, 2021 2:10PM ET
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This is just the beginning of thr rout!! Get ready for a 50 percent agegate drop in stock!! Juicy
Ferdinando Riboni
Ferdinando Riboni Sep 21, 2021 1:53PM ET
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Down 600 yesterday up50 today and that is a stock recovery..ha ha
Meru Pet
Meru Pet Sep 21, 2021 1:53PM ET
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everyone is waiting for tomorrow and Thursday
Ronald Warren
Ronald Warren Sep 21, 2021 1:48PM ET
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When the market gets unstable, it implodes. Still holding my puts!
William Bailey
William Bailey Sep 21, 2021 1:48PM ET
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Its gonna hit very soon
Mitchel Pioneer
Mitchel Pioneer Sep 21, 2021 1:42PM ET
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What a joke.  11AM sharp, and flagrantly predictable rise during a loss occurs in broad daylight.  Remarkable how this laughable market doesn't tank at 11AM during "rallies."  Assume the proper position America, the flagrant manipulation is back with a vengeance.
Mark Manley
Mark Manley Sep 21, 2021 1:35PM ET
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News flash-stocks went up, then down, then up again, and might go back down, but then might go back up
John Healy
John Healy Sep 21, 2021 12:40PM ET
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Yesterday Evergrande was the potential catalyst for another global financial meltdown. Today, meh.
Meru Pet
Meru Pet Sep 21, 2021 12:40PM ET
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if you didn't know, now you know.
ben sc
ben sc Sep 21, 2021 12:20PM ET
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bot authors are the best.
Kenny Venezia
Kenny Venezia Sep 21, 2021 11:50AM ET
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shake of fears of contagion from evergrande? why even write this article, it means nothing
Stan Smith
Stan Smith Sep 21, 2021 11:35AM ET
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Evergrande, like inflation, tapering and raising interest rates are all problems of the past. Ignore them and BFTD
Prateek Bhardwaj
Prateek Bhardwaj Sep 21, 2021 11:35AM ET
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