Stocks Drop on Fresh Virus Concerns; Yields Steady: Markets Wrap
Bloomberg 1 hr ago Andreea Papuc
(Bloomberg) Stocks tumbled in Asia Wednesday as rising virus cases around the world led to renewed concern about their economic impact. Bonds were stable after gaining.
Japan and Hong Kong shares led a drop across the region. U.S. contracts dipped, with Nasdaq 100 futures underperforming. Earlier, the S&P 500 fell for a second day extending its slide from an all-time high, with investors showing caution ahead of the brunt of the earnings season. Treasuries held a rally that sent the 10-year yield to its lowest level in more than five weeks. The dollar stabilized and the yen climbed. Oil prices retreated.
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Treasuries held overnight gains. 08:18
Image: Kiyoshi Ota/Bloomberg
US futures were mixed as underperformance in the Nasdaq 100 signaled the rotation away from pandemic favorites is gaining ground. Treasury yields halted a slide that had taken them to a five-week low.
Contracts on the tech-heavy Nasdaq were paced by a decline of 8% in Netflix in premarket trading after the company reported its worst quarter in eight years. S&P 500 contracts were steady, with the US benchmark this week staging an abrupt reversal from recent peaks.
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