Shawn Cruz Director of Derivative Strategy, TD Ameritrade
(Wednesday Market Open) Investors appeared to be bracing for another down day as the bond market was attracting more buyers ahead of the market open and pushing the 10-year Treasury yield (TNX) down about 20 basis points. Equity index futures are pointing to a lower open as retailers take another blow and rising lockdowns in China take a toll on the technology sector.
Suppliers for Apple (AAPL) components are warning that they may struggle to deliver parts for Apple products due to renewed COVID-19 lockdowns in China. Apple has asked its suppliers to speed up iPhone development in reaction to the news. AAPL traded 1.21% lower premarket.
We’ve learned over the last few years that China’s lockdowns can affect other parts of the economy. Yesterday, Airbnb (ABNB) announced plans to close its China operations to visitors, but not for Chinese tourists traveling globally. The Wall Street Journal is reporting that Starbucks (SBUX), InterContinental Hotels Group (IHG), Hilton Worldwide (HLT) are reporting significant declines in revenue as China’s zero-tolerance policy on COVID-19 continues.
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