The US stocks tumbled on Monday, 20 September 2021, dragging the major three indexes deeply in negative terrain, as risk aversion selloff triggered amid worries about contagion sweeping financial markets from the troubled China property market. Sentiments were also downbeat on caution ahead of the Federal Reserve highly anticipated two-day monetary policy meeting starting Tuesday. The central bank is widely expected to signal about start pulling away monetary stimulus amid surging inflation and improvement in the job market. At the close of trade, the Dow Jones Industrial Average index stumbled 614.41 points, or 1.78%, to 33,970.47. The S&P 500 index retreated 75.26 points, or 1.7%, to 4,357.73. The tech-heavy Nasdaq Composite Index dropped 330.06 points, or 2.19%, to 14,713.90. All 11 S&P500 sectors declined, with energy (down 3.04%) sector was worst performer, followed by consumer discretionary (down 2.37%), financials (down 2.2%), materials (down 1.94%), and information technology (down 1.86%) issues. Total volume turnover on U.S. exchanges was 10.12 billion shares. In the NYSE exchange, 533 issues advanced, 2798 issues declined, and 108 issues closed unchanged. In the NASDAQ, 789 issues advanced, 3697 issues declined, and 156 issues unchanged. Energy stocks tumbled as WTI crude oil fell nearly 2% on concerns about the global economy. APA shed more than 6%, while Occidental Petroleum and Devon Energy both dropped over 5%. Shares of lenders also took a hit, as the falling rates may crimp profits. Bank of America and JPMorgan Chase dropped 3.4% and 3%, respectively. Powered by Capital Market - Live News |