Nasdaq Composite daily
A stronger US retail sales report isn’t the great news that markets wanted as it pushed Treasury yields higher across the curve and re-raised the possibility that the Fed isn’t done or will have to hold rates higher for longer.
In turn, equity markets are giving back yesterday’s gains and more. The Nasdaq is now down 1.0% with the S&P 500 down by about half that margin.
Additionally, chipmakers are weighing after the US tightened export controls to China, closing loopholes. The move was widely telegraphed but it’s led to a 5.3% drop in NVDA shares and INTC is down 2.4% in sympathy.