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China Property Tax Implementation Inevitable: Yicai

  • US equity markets traded mixed into the Monday close, with the S&P 500 and Dow Jones cash indices holding minor losses at the closing bell. This contrasted slightly with modest strength in the tech-led NASDAQ comp, which held around 0.2% above water.
  • The US healthcare sector outperformed, with real estate not far behind. These gains were countered in broad weakness for materials names, which fell alongside industrials.
  • Biogen was a solid outperformer following the approval of an Alzheimer's disease antibody therapy, prompting a near 60% rally in the stock. Re-opening names also fared well, with Penn National Gaming and Norwegian Cruiselines among the strongest names in the S&P 500.
  • The VIX suffered, remaining under pressure and close to multi-month and post-pandemic lows.