The Blog

2021-

2021-09-20 e
BIG DROP

Dow heads for worst day in 10 months as debt woes for China’s Evergrande rattles stock market

Dow plunges over 903 points as debt woes for China’s Evergrande rattle stocks

U.S. stocks tumbled Monday afternoon, as investors parsed the potential impact of the collapse of a debt-laden property developer in China and traders positioned ahead of a two-day meeting of Federal Reserve policy makers that begins Tuesday.

On Friday, the Dow logged its third straight weekly decline, losing 0.1% and booking its longest weekly losing streak since the four weeks ending Sept. 25, 2020, according to Dow Jones Market Data. The S&P 500 fell 0.6% in a second straight week of losses, while the Nasdaq Composite lost 0.5%, also booking two straight weekly falls, according to FactSet.

What’s driving the market?

Is this the correction that some strategists have anticipated?

A downturn in China’s property market, which suffered heavy losses Monday with shares of China Evergrande 3333, -10.24% falling 13% in Hong Kong, were blamed for dragging down U.S. and global equities.

Markets were closed in mainland China for a holiday, but the Hang Seng HSI, -3.30% dropped over 3%. (read more)

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