September 21: Market Summary

Stocks close mixed ahead of Fed meeting


Here are today’s market moves:

What Happened?

  • U.S. stocks finished mixed on Tuesday, oscillating between losses and gains as investors try to assess the Evergrande situation.

  • Some are calling this event the “Lehman moment” of China, although it is unlikely to get that bad.

  • The S&P 500 and Dow Jones fell for a fourth consecutive day, marking the worst stretch for the S&P 500 since mid-May.

  • All eyes are on the Federal Reserve tomorrow. The Fed may try to soothe markets, while signaling that it will begin to pare back support soon.

  • The crypto market fell on Tuesday, with Bitcoin trading below $42k, as crypto gets caught up in the Evergrande selloff.

Catch Up

  1. SEC Chair Gary Gensler says he doesn’t see much long-term viability for cryptocurrencies.

  2. Google plans to buy New York office building for $2.1 billion, one of the biggest office space deals since the pandemic started.

  3. Evergrande declines further after S&P says default is likely.

What Else?