Dow33970.47-614.41(-1.78%)Nasdaq14713.90-330.06(-2.19%)SP 5004357.73-75.26(-1.70%)10-yr Note +27/321.313NYSEAdv 523 Dec 2707 Vol 1.1 blnNasdaqAdv 813 Dec 3263 Vol 4.8 bln Industry Watch Strong: UtilitiesWeak: Energy, Financials, Materials, Information Technology Moving the Market -- Major indices decline more than 1.5% -- Concerns over China's Evergrande, debt ceiling, infrastructure, deteriorating technical factors-- Late-day buying efforts pare market losses Market closes much lower amid host of concernsDow -614.41 at 33970.47, Nasdaq -330.06 at 14713.90, S&P -75.26 at 4357.73 [BRIEFING.COM] The stock market was down around 3% on Monday, as investors worried about a host of issues involving China's Evergrande, the debt ceiling, infrastructure, and deteriorating technical factors. Buyers stepped in late, though, leaving the major indices well off session lows. The S&P 500 (-1.7%) and Dow Jones Industrial Average (-1.8%) lost a little more than 1.5%, while the Nasdaq Composite (-2.2%) and Russell 2000 (-2.4%) still declined more than 2.0%. Each index closed below its 50-day moving average, with the Russell 2000 also closing below its 200-day moving average (2203). The weakness started in Hong Kong on reports that Evergrande -- one of China's largest property developers -- is on the brink of defaulting on its $300 billion in debt. Hong Kong's Hang Seng index dropped 3.3% on Monday while markets in China, Japan, and South Korea were closed for holidays. Selling interest spread to Europe, as well as the U.S. futures market, amid contagion fears and general uncertainty. Further pressuring risk sentiment were media reports that discussed the loose ends in Washington that still need to be tied: funding the government, raising/suspending the debt ceiling, and settling differences on infrastructure. There was a dearth of buying interest for most of the session, which left all 11 S&P 500 sectors in the red on a closing basis with losses ranging from 0.2% (utilities) to 3.0% (energy). At one point, declining issues had a 9:1 advantage over advancing issues at the NYSE. That margin, however, decreased to 5:1 by the close on no specific news. Interestingly, selling pressure abated soon after the S&P 500 was down 5% from its all-time high, which was the first 5% drawdown in the benchmark index in almost 11 months. Notwithstanding the encouraging finish, investors sought safety in longer-dated Treasuries and hedged against further equity weakness: the 10-yr yield fell six basis points to 1.31% while the CBOE Volatility Index (25.71, +4.90, +23.6%) closed above 25.00. Separately, Pfizer ($PFE 44.25, +0.36, +0.8%) announced its COVID-19 vaccine is safe and effective for children 5-11 years old, as suggested from a Phase 2/3 trial. On a related note, an FDA advisory panel recommended the FDA grant Emergency Use Authorization for a booster dose in individuals aged 65 or older and individuals at high risk of severe disease. The 2-yr yield decreased one basis point to 0.22%. The U.S. Dollar Index was little changed at 93.23. WTI crude futures declined 2.2%, or $1.57, to $70.35/BBL. Monday's economic data was limited to the NAHB Housing Market Index increased to 76.0 in September (Briefing.com consensus 74.0) from 75.0 in August. Looking ahead, investors will receive Housing Starts and Building Permits for August and the Current Account Balance for the second quarter on Tuesday. S&P 500 +16.0% YTDNasdaq Composite +14.2% YTDDow Jones Industrial Average +11.0% YTDRussell 2000 +10.5% YTDSource: (Briefing.com) Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. (Sign-up if you haven't already done so). Follow us/bookmark us and check back occasionally for additional articles or comments on our page... Wild Tiger Trading - start/main page. .