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MNI China Daily Summary: Friday, Aug 23

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RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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Stock Update

US STOCKS

Equities holding weaker levels off midmorning lows ahead midday -- a less severe sell-off compared to Monday's move -- prior to the late session rebound on air (ESH2 tapped 4410.0 late vs. 4215.75 low at midday! was just above July 19, 2021 low).
S&P eminis currently -91.00 at 4313.0 vs. 4279.0 low. Tsy futures mildly weaker but near midmorning highs.

  • Notable mentions via Twitter:
  • Bespokeinvest@Twitter: "First time the Dow has reversed a 1,000+ point drop to close higher on the day"
  • Bank of America@Twitter: 61% of S&P 500 stocks are more than 10% below 52-week highs. 24% are in a relative bear market (>20% drop) with 42% of S&P 500 Tech stocks in this category.
  • Taking Geopolitical risk in stride. Tensions tied to Russia/Ukraine continue to weigh but markets appear to be taking more in stride despite US military on high alert for deployment to NATO coalition.
  • Otherwise markets absorbing slew of corporate earnings as they await Wednesday's FOMC
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