The Nasdaq 100 index fell over 1% as investors mulled rising inflationary pressures and future rate hikes. Upbeat earnings from BoA, Morgan Stanley and P&G failed to lift the broader market. Asia-P.
Nasdaq 100 Retreats Amid Viral Concerns, Will Hang Seng Index Follow?
NASDAQ 100, HANG SENG, ASX 200 INDEX OUTLOOK:
Crude oil prices pulled back for a second day, reflecting weakening demand outlook
Asia-Pacific markets are positioned to follow a negative lead, with most futures trading in the red
Tech Pullback, Delta Variant, Oil Retreat, Asia-Pacific at Open:
The Nasdaq 100 index pulled back from record highs for a second day as the emerging Delta variant of the Covid-19 virus casted a shadow over the outlook of global recovery. The energy (-1.47%) and technology (-0.84%) sectors were leading the decline. Los Angeles reinstated mask mandates for all residents in indoor public spaces as the county is scrambling to fight a rising number of Covid-19 cases. Los Angeles has seen a steep increase in coronavirus cases recently, with 1,077 new ones reported on July 14th, more than doubled from a week ago.
Dow Jones Retreats as Sentiment Sours, Will Hang Seng Index Follow?
DOW JONES, HANG SENG, ASX 200 INDEX OUTLOOK:
US government bonds yields continued to fall, suggesting that reflation optimism may be faltering
Asia-Pacific markets are positioned to follow a negative lead, with most futures trading in the red
Yields, Delta Variant, Jobless Claims, Asia-Pacific at Open:
Wall Street equities pulled back from their record highs as the emerging Delta variant of the Covid-19 virus casted a shadow over the outlook of global recovery. All Dow Jones sectors ended lower, with financial, materials and consumer discretionary sectors leading the decline. 10-year Treasury yields fell to 1.294% - the lowest level seen since February. This suggests that market’s view on reflation and long-term inflation may be weakening. Rising demand for safety may have also attributed to the rise in Treasury note prices, sending yields lower.