Seeking Alpha
2022-11-28 20:04:57

Nasdaq, S&P, Dow extend fall on Fed speak, China unrest; BlockFi files for bankruptcy

U.S. stocks extended their losses on Monday, as sentiment was weighed down by hawkish comments from a Federal Reserve speaker and concerns over China's COVID-19 lockdowns and reports of protests. Cryptocurrencies were also in focus after lender BlockFi filed for bankruptcy. Markets are coming off a holiday-shortened Thanksgiving week which saw all three major indices make muted gains amid a lull in trading. Going into the last hour of trading, the tech-heavy Nasdaq Composite ( COMP.IND ) was down 1.50% at 11,057.65 points. The benchmark S&P 500 ( SP500 ) was 1.52 % lower at 3,965.07 points, while the blue-chip Dow ( DJI ) f ell 1.41% to 33,863.58 points. All 11 S&P sectors were in the red, with Real Estate and Energy the top losers. Crude prices ( CL1:COM ) rallied after initially being weighed down by worries over Chinese demand. Reports of protests against China's tough COVID measures in cities such as Beijing and Shanghai have rattled overall global sentiment. "China stocks have tumbled today, largely as a result of the COVID-19 protests," David Townsend, managing director of EMEA Business at Value Partners Group, said. "However, there has recently been a dramatic change in market sentiment, with policymakers in China unleashing different sets of policy support for private property developers. In addition, while the country is still maintaining its rhetoric on the 'dynamic zero-Covid policy', it also released measures to fine-tune the policy. These, together with the lower-than-expected CPI figures in the US last month (which ignited renewed expectations of monetary policy pivoting in the US), have stimulated a strong 'risk on' momentum in the China stock market," Townsend added. U.S.-listed Chinese tech stocks such as Alibaba ( BABA ), JD.com ( JD ) and Bilibili ( BILI ) made modest gains . Comments from St. Louis Fed President James Bullard, who warned that markets could be underpricing the risk that the Fed may be more aggressive with rate hikes next year, also weighed on investors. On the other hand, New York Fed President John Williams in an online speech said that the rapid pace of rate hikes have started to lower demand in the U.S. economy and that a number of factors are improving in regard to inflation. Crypto lender BlockFi filed for bankruptcy on Monday, putting pressure on crypto markets. Bitcoin ( BTC-USD ) was down about 2%. Ethereum ( ETH-USD ) fell ~4% following a large ETH transfer to Binance. Shares of Apple ( AAPL ) slipped nearly 3% after a Bloomberg report said production of iPhones could face a shortfall by as many as 6M units due to unrest at the tech giant's Chinese manufacturing hub. Turning to the bond markets, rates were mixed. The 10-year Treasury yield ( US10Y ) was flat at 3.70%. The 2-year yield ( US2Y ) was down 1 basis point to 4.47%. In economic data, the calendar is very light. The November Dallas Fed Manufacturing Survey came in at -14.4 versus a prior reading of -19.4. Consumer and retails stocks were also in focus as shoppers transition from Black Friday to Cyber Monday. Foot traffic on Black Friday fell sharply , according to a report. Nonetheless, according to data from Adobe, Cyber Monday could see record online sales .

获取加密通讯
阅读免责声明 : 此处提供的所有内容我们的网站,超链接网站,相关应用程序,论坛,博客,社交媒体帐户和其他平台(“网站”)仅供您提供一般信息,从第三方采购。 我们不对与我们的内容有任何形式的保证,包括但不限于准确性和更新性。 我们提供的内容中没有任何内容构成财务建议,法律建议或任何其他形式的建议,以满足您对任何目的的特定依赖。 任何使用或依赖我们的内容完全由您自行承担风险和自由裁量权。 在依赖它们之前,您应该进行自己的研究,审查,分析和验证我们的内容。 交易是一项高风险的活动,可能导致重大损失,因此请在做出任何决定之前咨询您的财务顾问。 我们网站上的任何内容均不构成招揽或要约