5 things to know before the stock market opens Tuesday, September 21

Here are the most important news, trends and analysis investors need to start their trading day:

Dow futures rebounded 260 points on Tuesday, a day after the 30-stock average fell more than double that of Wall Street in September. The Dow finished 614 points, or nearly 1.8%, down in its worst session since July. The Dow Jones fell 971 points to Monday’s low, which was nearly 5.7% below last month’s all-time high. Investor concerns included risks from this week’s Federal Reserve meeting, the high number of Covid cases in the United States, the debt ceiling in Washington and possible contagion in financial markets from the Chinese developer in Evergrande difficulty. The Nasdaq and S&P 500 had their worst days since May on Monday, falling 2.2% and 1.7% respectively. Both were also down more than 5% from their historic intraday highs at the start of the month.

The Fed gets a reading of the housing market at 8:30 am ET as monetary policy makers begin their two-day meeting in September. Economists expect August housing starts to rise 1% after falling 7% in July. Building permits are expected to decline by 2.1% in August against an increase of 2.6% in July. Central bankers will put that data into the mix when they figure out when to start cutting back on their massive Covid-era bond purchases. Higher inflation, which Fed Chairman Jerome Powell considers temporary, will be weighed against a recovering economy. However, a big disappointment in job growth in August could keep the Fed at bay a little longer. Central bankers release their policy statement Wednesday, followed by a press conference from Powell.

Democratic leaders in Congress have said they will try to pass a bill that prevents the government from shutting down and suspends the US debt limit until the end of 2022. They are trying to avoid two possible crises simultaneously. Congress faces a September 30 deadline to fund the federal government. Treasury Secretary Janet Yellen told lawmakers the United States likely wouldn’t be able to pay its bills in October if lawmakers didn’t suspend or increase the debt ceiling. Senate Minority Leader Mitch McConnell, R-Ky., Tried to force Democrats to use their slim majority in the Senate and House to face the debt ceiling themselves.

President Joe Biden, in his first address to the United Nations General Assembly as chief US executive, plans to call on allies to cooperate on challenges such as Covid and climate change. The speech is scheduled for mid-morning Tuesday. Eight months into his presidency, Biden has been out of step with his allies over the chaotic end of the US war in Afghanistan. He has faced differences over how to share coronavirus vaccines with the developing world and over travel restrictions in the event of a pandemic. Biden also finds himself in the middle of a row with France over a deal to sell nuclear submarines to Australia.

Johnson & Johnson is among the moving stocks in Tuesday’s pre-market trading. J&J shares rose about 1% after the company said a booster of its Covid vaccine is 94% effective in the United States when given two months after the first dose. Six months after the first shot, a J&J booster seems to be potentially even more protective. Some 14.8 million people in America have received the company’s single-dose vaccine.

Shares of Uber rose 5% after the rideshare and food delivery company revised its outlook for its third quarter up. Uber said it now expects adjusted earnings before interest, taxes, depreciation and amortization to vary from a loss of $ 25 million to a profit of $ 25 million. Uber previously said it expected Adjusted EBITDA for the third quarter to be better than a loss of $ 100 million.

– The Associated Press contributed to this report. Follow all the market action like a pro on CNBC Pro. Get the latest pandemic news with CNBC’s coronavirus coverage.