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S&P 500 in Second-Weekly Loss as Caution Sets in Ahead of Fed Meeting

Stock MarketsSep 17, 2021 04:22PM ET
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By Yasin Ebrahim

Investing.com – The S&P 500 fell Friday, extending its weekly losses for the second-straight week as weakness in material stocks and tech stocks added to investor caution ahead of the Federal Reserve's meeting next week. 

The S&P 500 fell 0.9%, the Dow Jones Industrial Average lost 0.5%, or 166 points, the Nasdaq slumped 0.9%.

Materials stocks continued to add to losses from earlier this week, with mining stocks adding pressure following an ongoing rout in commodities including iron ore.

Freeport-McMoran Copper & Gold (NYSE:FCX), International Flavors & Fragrances (NYSE:IFF), Nucor (NYSE:NUE) led the decline in materials, with the latter down more than 4%

A fall in megacap tech stocks also weighed on the broader market, paced by a decline in Treasury yields.

Google-parent Alphabet (NASDAQ:GOOGL), Apple (NASDAQ:AAPL), Facebook (NASDAQ:FB), Amazon (NASDAQ:AMZN), and Microsoft (NASDAQ:MSFT) were in the red.

The U.S. 10-year Treasury climbed to a more than one-week high, underpinned by positive economic data, and expectations the Federal Reserve is set to offer further clues on plans to tighten monetary policy at next week’s meeting.

The University of Michigan's preliminary consumer sentiment index rose to a reading of 71 in September after falling to 70.3 in August.

“We expect the FOMC to open the door to a possible November taper announcement, conditional on a solid September employment gain,” Jefferies (NYSE:JEF) said in a note ahead of the Fed meeting next week. 

With the broader market on course for a second-weekly loss, some on Wall Street continue to expect further pressure. 

“Investor sentiment getting more bearish after the shallow declines of early September: we remain on guard for further volatility ahead as we make our way through the Sept-Oct window. Watch 4400+ for initial support on the S&P here (around the 50-day MA),” Janney Montgomery Scott said in a note. 

In a blow to vaccine stocks, a Food & Drug Administration advisory committee voted 16-2 against a Pfizer-Biotech booster shot for the general public, citing the need for more data. The panel, however, did vote in a favor of an emergency use authorization booster shot for peopled aged 65 and older, and high risk persons.

The final decision. however, will be made by the FDA, though the health watchdog tends to follow the advice of its committee. 

Pfizer (NYSE:PFE) slipped 1%, while BioNTech (NASDAQ:BNTX) slipped 3%. Moderna (NASDAQ:MRNA) ended down 2%.

S&P 500 in Second-Weekly Loss as Caution Sets in Ahead of Fed Meeting
 

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Comments (13)
Celestine Fleming
Celestine Fleming Sep 19, 2021 5:39PM ET
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I don't want to believe that most of you here haven't heard about vortexhackers.com . Well, i just want to let you all know that everything good that people have been saying about them is true, as they helped me also with the sum of $50,000 via wire check.
Celestine Fleming
Celestine Fleming Sep 19, 2021 5:35PM ET
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I don't want to believe that most of you here haven't heard about vortexhackers.com . Well, i just want to let you all know that everything good that people have been saying about them is true, as they helped me also with the sum of $50,000 via wire check.
Jared Magnums
Jared Magnums Sep 18, 2021 7:51AM ET
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Does anyone else feel like they lose brain cells whenever they read the comments on here?
Jack Bullman
Jack Bullman Sep 18, 2021 7:51AM ET
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Ajay Uppal
Ajay Uppal Sep 18, 2021 1:15AM ET
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Looks like world over every one is pledging stocks to buy more and make quick money similar to sub-prime challenge.. Mkt would not sustain at such high level with debt money..
Sol Wein
Sol Wein Sep 17, 2021 9:39PM ET
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Nailbiting moment🤔 i say F U. Who cares. I buy gold cause either way you are doomed
Marco cuevas
Marco cuevas Sep 17, 2021 8:03PM ET
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SP and nasdaq down Tesla up...great week.
New Jazenevd
New Jazenevd Sep 17, 2021 6:20PM ET
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Government overspending will continue and Fed will continue creating money to cover up this spending. New money will continue to fuel stock market. More of the same, every market pullback is a buying opportunity.
Galih Pamungkas
Galih Pamungkas Sep 17, 2021 6:20PM ET
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Ahh, make sense 🤔
Hans Billings
Hans Billings Sep 17, 2021 6:02PM ET
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I always wonder if the hombre gordo in the photo hates this stock image
Stijn Vanclooster
Stijn Vanclooster Sep 17, 2021 6:01PM ET
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Crash is going on. Falling will go on for weeks.
michael engel
michael engel Sep 17, 2021 5:31PM ET
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SPX retraced 61% of the wave from Aug 19 low.  Today SPX bar is a full HQ bar  half the size of last Fri bar, on twice the volume. There is no NR after the DOW entered a negative territory.
Nick Hudson
Nick Hudson Sep 17, 2021 4:42PM ET
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Its all good. It’s just the market warning the Fed to keep up the stimmy
dung chan trea
dung chan trea Sep 17, 2021 4:40PM ET
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SUH MATH
William Bailey
William Bailey Sep 17, 2021 4:39PM ET
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Crack crack crack goes thin ice …. Spring sun is here
kaung lay
kaung lay Sep 17, 2021 4:39PM ET
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Dominic Mazoch
Dominic Mazoch Sep 17, 2021 4:39PM ET
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Err, almost fall here. Now south of the equator, if is almost spring.
 
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