- Stocks in the US fell from all-time highs, with small-company shares leading the way below, while treasuries rose in response to an increase in growth fears.
- The S&P 500 and Dow Jones industrial average dropped after setting closing records tuesday. The tech-heavy Nasdaq 100 established an intraday high before narrowly breaking even, with Alphabet, Amazon.com and Tesla rising.
- After missing revenue forecasts, Robinhood Markets saw its stock plummet. The Russell 2000 index fell by 1.9%, the biggest drop since late September.
- Prior to the government's auctions of 5-year notes on Wednesday and a 7-year sale on Thursday, long bonds continued to outperform shorter-maturity US debt. The yield spread between 5-year and 30-year bonds has shrunk to 78 basis points, the lowest since March 2020.
- Mining and energy stocks led the Stoxx Europe 600 index lower as raw material prices, such as aluminium and iron ore, fell with crude oil prices. Germany's Dax fell as Europe's largest economy lowered its growth outlook for 2021, citing the pandemic's lingering effects and a supply shortage.
- Investors are relying on earnings to support equity prices, the reporting season has been good so far. However, concerns linger that rising raw material and wage prices, as well as supply-chain snarls, will pinch profits and slow the global economy's recovery.
- The debt issue in China's property sector continues to loom over the market, with officials telling billionaire hui ka yan that he should utilise his personal riches to help China Evergrande. Meanwhile, a top Chinese regulator has urged businesses to make active preparations to fulfill offshore bond payments.
- Bitcoin has dropped below $60,000 for the first time. On the virus front, the Pfizer and Biontech vaccine for young children received approval from an FDA panel.
