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Rally Loses Steam

EQUITIES

Asia-Pac equities couldn't manage to extend their rally into a fourth day, most indices in the region are lower. The move lower started near the end of the US session as the S&P wiped out the majority of the day's gains, while the Nasdaq dropped into negative territory.

  • The move lower started with US futures as after-market earnings disappointed. Qualcomm dropped as the chipmaker missed on sales estimates. US futures have extended declines, e-mini S&P down around 0.5% at the time of writing.
  • Markets in South Korea and Hong Kong lead the way lower with losses over 1%, bourses in mainland China are lower are comments regarding a trade blacklist from US President Biden's nominee for commerce secretary.
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