Daily Market Comments(20220509) — Early Sign of Recession?
- US stocks continued to crash.
- China market began to stabilize, while SH index reached 3000 before down again.
- Even CAT dropped 3%.
Winners and Losers (in my watching list): UVXY+12.14%; PLTR-21.31%, RIVN-20.88%, EDU-16.39%.
Bond Market: 2Y dropped to 2.606, -9BPS; 5Y down to 2.951, -13.5BPs; 10Y barely moved to 3.128; 30Y barely moved to 3.225.
Equity Market: NASDAQ tumbled to 11623.25, -4.29%; DJI dropped to 32245.7, -1.99%; S&P 500 crashed to 3991.24, -3.20%.
Econ Calendar: US whole sale inventories 2.3%, in line with expectation.
Big News: John Lee became Hong Kong’s new leader. Elizabeth Warren crowds Biden. Biden kept silent on stocks.
Guess On Next Move: We could expect a rebound but it may not last long.
What Big Names Say: