US stocks ended sharply lower on Tuesday, 28 September 2021, in a broad selloff driven by rising US Treasury yields, deepening concerns over persistent inflation, and contentious debt ceiling negotiations in Washington.
All three major US stock indices slid nearly 2% or more, with interest rate sensitive tech and tech-adjacent stocks weighing heaviest as investors lost their risk appetite.
The S&P 500 index fell by 2%, recording its largest one-day percentage drop since May, while the Nasdaq fell by 2.83%, recording its largest one-day percentage drop since March. Both are on track for their largest monthly declines since September 2020.
The S&P 500 is also setting a course for its weakest quarterly performance since the COVID-19 pandemic brought the global economy to its knees.
Weakness pervaded across most asset classes, including gold, suggesting widespread risk-off sentiment.
US Treasury yields continued rising, with 10-year yield reaching its highest level since June, as inflation expectations heated up and fears grew that the US Federal Reserve could shorten its timeline for tightening its monetary policy.
On Dow, pay attention to the 34724 line today. If the Dow is below this line, it will maintain a bearish trend. Then focus on the support of the two positions of 34477 and 33811 below. The Dow will only open up further room for a rebound if it stands above the 34724 line. At that time, shift your attention to the suppression strength of the two positions 34990 and 35166.
Hong Kong Stocks
Hong Kong stocks were dragged down in early trading, with the Hang Seng Index opening 0.91% lower at 24,276 points, Hang Seng China Enterprises Index down 1.03% at 8,630 points, and the Hang Seng Technology Index down 1.93% at 6,111 points.
Meanwhile, among blue-chip stocks, Xinyi Solar rose by 1.75%, Anta Sports rose by 1.4%, China Resources Land rose by 0.96%, Meituan fell by 2.7%, Sunny Optical fell by 2.01%, and Geely fell by 2%.
On HK50 today, we pay attention to the support of the 24469 line. Once the buy order is obtained, then focus on the suppression strength of the two positions of 25160 and 25816 above. If HK50 falls below the 24469 line, it will open up further downward revision.
FTSE China A50 Index
On A50, pay attention to the 15184 line today. If A50 is above the 15184 line, it will remain as a bullish trend. Then, pay attention to the support of the 14669 line below.
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