Wall Street Opens Lower on Evergrande, Fed Worries; Dow Down 70 Pts

Stock Markets6 minutes ago (Sep 24, 2021 09:39AM ET)

(C) Reuters.

By Geoffrey Smith

Investing.com — U.S. stock markets opened lower on Friday, unsettled by fresh comments from the Federal Reserve about the pace of monetary policy tightening, and by doubts about China Evergrande, the real estate developer teetering on the brink of default.

By 9:40 AM ET (1340 GMT), the Dow Jones Industrial Average was down 68 points, or 0.2% at 34,696 points. The S&P 500 was down 0.3% and the Nasdaq Composite was down 0.5%. That leaves the Dow on course for a narrow weekly gain, but the S&P and Nasdaq on course for a loss.

Before trading began, Cleveland Federal Reserve President Loretta Mester spelled out in detail what Fed Chair Jerome Powell had hinted at in his press conference on Wednesday, namely that the Fed is likely to run down its bond purchases relatively quickly from November, and may well raise interest rates by the end of next year. Mester said in a speech that the U.S. economy had met the conditions necessary to allow monetary policy to be tightened.

“I support starting to dial back our purchases in November and concluding them over the first half of next year,” Mester said in remarks prepared for delivery to the Ohio Bankers League.

Wall Street Opens Lower on Evergrande, Fed Worries; Dow Down 70 Pts

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