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Major Stock Indexes End Mixed 09/21 16:00
A late-afternoon burst of buying on Wall Street faded in the final minutes
of trading Tuesday, leaving the major stock indexes mixed.
(AP) -- A late-afternoon burst of buying on Wall Street faded in the final
minutes of trading Tuesday, leaving the major stock indexes mixed.
The S&P 500 slipped 0.1% after spending much of the day wavering between
small gains and losses. The modest pullback followed the benchmark index's
biggest drop in four months a day earlier.
Roughly 66% of stocks in the S&P 500 fell, with industrial, communication
and financial companies accounting for much of the drop. Bond yields mostly
rose. The price of U.S. crude oil also rose.
For parts of the afternoon the market had looked like it would recoup some
of the losses it took in Monday's big sell-off, but by the closing bell even
those gains had mostly fizzled. The market's uneven showing came as investors
looked ahead to Wednesday afternoon, when the Federal Reserve is set to deliver
its latest economic and interest rate policy update.
"It's a bit of a pause and the market is waiting for the Federal Reserve to
see what they have to say tomorrow," said Rob Haworth, senior investment
strategist at U.S. Bank Wealth Management.
The S&P 500 fell 3.54 points to 4,354.19, while the Dow Jones Industrial
Average dropped 50.63 points, or 0.1%, to 33,919.84. The Nasdaq composite rose
32.49 points, or 0.2%, to 14,746.49.
Small company stocks also managed gains. The Russell 2000 index rose 3.98
points, or 0.2%, to 2,186.18.
European markets closed broadly higher, while Asian markets mostly rose.
Chinese markets remained closed for a holiday.
The yield on the 10-year Treasury edged higher to 1.32% from 1.31% late
Monday.
The market sell-off on Monday was prompted in part by worries about heavily
indebted Chinese real estate developers and the damage they could do if they
default and send ripple effects through markets. That added to a wide range of
concerns hovering over investors, including the highly contagious delta variant
as well as higher prices squeezing business and consumers.
Wall Street is also gauging how the recovery's slowdown will impact the
Fed's policies that have helped support the market and economy. The central
bank will release a policy statement on Wednesday, which will be closely
watched for any signals on how it will eventually reduce its bond purchases
that have helped keep interest rates low.
Health care stocks led the gainers Tuesday. Johnson & Johnson rose 0.4%
after reporting that a booster of its one-shot coronavirus vaccine provides a
stronger immune response months after people receive a first dose.
Technology companies, which led the broad sell-off Monday, regained some
ground. Chipmaker Advanced Micro Devices rose 1.6%.
Several companies made solid gains after giving investors encouraging
financial updates. Ride-hailing company Uber jumped 11.5% after telling
investors that it could post an adjusted profit this quarter. Equipment rental
supplier Herc Holdings rose 6.7% following a solid long-term growth forecast.
Supply chain problems, which have been hurting a broad range of industries,
weighed on several companies. Homebuilder Lennar fell 0.5% after home
deliveries for the third quarter fell short of analysts' forecasts because of
supply chain problems.
Restaurant operator Cracker Barrel fell 2.7% after reporting weak fiscal
fourth-quarter financial results.
Universal Music jumped 35.7% in its debut on Amsterdam's stock exchange.
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