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Stocks drop the most since May on worries over China, Fed

Hong Kong Financial Markets
Posted at 4:29 PM, Sep 20, 2021
and last updated 2021-09-20 19:29:04-04

U.S. stocks had their biggest drop since May.

There's concern the Federal Reserve will signal that it will pull back its supports for markets and the economy.

The S&P 500 fell 1.7% Monday. It had been down as much as 2.9% earlier. The Dow fell 614 points to close at 33,970.47.

The yield on the 10-year Treasury note dropped to 1.31% as investors turned to lower-risk assets.

Hong Kong's main index dropped 3.3%, its biggest loss since July, over worries that the huge Chinese developer Evergrande could collapse.