A protracted downturn in China's real estate sector as well as a broader economic deceleration, but most of all downside risks from China's record debt load which is now well over 300% of GDP has led Moody's Investors Service to downgrade China's sovereign credit rating outlook from stable to negative. the Shanghai and Hangsheng indexes were down 1.67% and 1.97% respectively overnight.
US job openings slide to 8.7 million in October, well below estimate of 9.8 million, to lowest level since March 2021. Treasuries ETF TLT reacted positively by going up 1.58% while 10 year yield is down to 4.189%, a recent low.
Goldman Sachs: Tesla and AAPL are the top 2 stocks that are most underweighted holdings by top 30 mutual funds. However, TSLA and AAPL are up 3% and 2.3% respectively.
Today's stock market indexes are trading mixed with Nasdaq up and Dow, S&P 500 and Russell 2000 down. Major tech stocks are up due to oversold bounce and lower treasury yields. After over a month of rally, both the S&P 500 and Nasdaq are near their July high resistances 4607 and 14446. There will not be any meaningful rally without breaking these reistances. The general stock market trend is up, however it needs to consolidate near term before Christmas rally.
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