U.S. stocks on Tuesday fought to rebound from Monday's rout, but failed as the Dow Jones Industrial average trended lower for most of the session and closed in the red.
 | TUE, SEP 21, 2021 | | | | DOW | | NAME | LAST | CHG | %CHG | | AAPL | 143.43 | +0.49 | +0.34% | | DIS | 171.17 | -7.44 | -4.17% | | MSFT | 294.80 | +0.50 | +0.17% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AAPL | 143.43 | +0.49 | +0.34% | | F | 12.77 | -0.05 | -0.39% | | BAC | 39.13 | +0.02 | +0.05% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAPL | 143.43 | +0.49 | +0.34% | | AMD | 102.82 | +1.27 | +1.25% | | MSFT | 294.80 | +0.50 | +0.17% | |
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Stocks attempted a comeback from Monday's rout but failed. The Dow Jones Industrial average clawed back more than half of Monday's slide at its high point of the session, but those gains soon evaporated. The Dow ended Tuesday down another 50 points for its fourth losing session in a row. The global markets are still trying to assess the impact from the possible default of troubled Chinese property developer Evergrande. Mark Mobius, co-founder of Mobius Capital Partners, told CNBC's "Closing Bell" that property developers "are going to be in deep trouble," but banks won't go down, adding that he doesn't see "any Lehman-type events taking place." Ed Yardeni of Yardeni Research said that unlike the U.S. government's handling of Lehman, the Chinese government will intervene and "when they do, stock markets around the world should enjoy relief rallies."  Investors are turning their focus to the messaging coming out of the Federal Reserve's two-day meeting, which will end Wednesday with the release of a statement on monetary policy and the central bank's latest economic forecasts. Chairman Jerome Powell will also speak to the press. Powell has said the central bank could begin tapering its bond buying as soon as this year; investors will listen for more specifics on the timing of it. "I think they're going to lay out that they had a discussion on tapering," said Rick Rieder, chief investment officer of global fixed income at BlackRock. "I don't think they're going to provide any details. I think they're going to provide a framework where they can start doing it in November or December." |
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