Finance

US Stocks Extend Losses On China Smartphone News

US Stocks Extend Losses On China Smartphone News

US equity markets were already in puke mode, but headlines from Nikkei that China’s leading smartphone makers have told suppliers to scale back orders for the coming quarters by around 20% following COVID lockdowns that have severely disrupted supply chains”…

…sent futures into freefall, led by a 3.5% plunge in Nasdaq…

As stocks plunge, bonds are bid wioth yields tumbling 6-8bps across the curve, with 10Y once again unable to hold above 3.00%…

How much more pain is Powell willing to take?

Tyler Durden
Wed, 05/18/2022 – 11:35

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