The Journal Gazette
 
 
Friday, September 24, 2021 1:10 pm

Stocks on Wall Street waver, clinging to gains for the week

DAMIAN J. TROISE | Associated Press

 

Stocks are wavering between small gains and losses on Wall Street Friday, and are still barely higher for the week.

The weak showing follows a two-day rally that helped erase a slump earlier in the week. Investors have been facing similar choppiness throughout September as they try to gauge how the economy will continue its recovery.

The S&P 500 fell 0.1% as of 11:40 a.m. Fort Wayne time. The Dow Jones Industrial Average fell 40 points, or 0.1%, to 34,723 and the Nasdaq fell 0.4%.

Slightly more stocks in the S&P 500 rose. Weakness in technology stocks was offsetting gains by banks and industrial companies. The index is holding on to a 0.2% gain for the week.

Bond yields continued rising. The yield on the 10-year Treasury rose to 1.45% from 1.41% late Thursday. The yield was at 1.31% late Monday.

Nike was the latest company to warn investors about supply-chain problems hurting revenue. Its stock slumped 6.8%.

A wide range of industries face supply-chain issues and that has investors worried about rising costs for businesses and consumers. Analysts have warned that the upcoming round of corporate earnings could be crimped because of those issues.

Worries about troubled Chinese real estate developer Evergrande are also weighing on sentiment. Some Chinese banks on Friday disclosed what they are owed by Evergrande, seeking to dispel fears of financial turmoil as it struggles under $310 billion in debt.

Evergrande has said it negotiated details of an interest payment due Thursday to banks and other bondholders in China, but gave no details. The company has yet to say whether it will make an $83.5 million payment that was due Thursday on a bond abroad.

Markets in Europe fell and markets in Asia were mostly lower, though Japan's Nikkei 225 rose 2.1%.

Cryptocurrencies fell after China’s central bank declared all transactions involving virtual currencies illegal as it stepped up a campaign to block use of unofficial digital money.

Bitcoin fell 4%, to $42,142.45, according to Coindesk. Chipmaker Nvidia, which makes processors needed in crypto-mining, fell 2.6%.

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