US equity market limping at pivotal levels after sell-off extends

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Today we note the US market continuing lower and closing near pivotal level, this time with no notable catalyst driving the selling, as US treasury yields actually dropped at the long end of the US yield curve, taking the yield curve inversion to a new cycle- and multi-decade extreme. It also looks like the easing of China's Covid policy is running out of steam as a factor. In commodities, we look at crude oil plunging to new lows despite alarming supply fundamentals, and wheat prices also on the defensive on unusually elevate export activity for the season. A look at today's Bank of Canada meeting, TSMC making even larger investments in the US, Apple postponing its EV plans and much more on today's pod, which features Peter Garnry on equities, Ole S Hansen on commodities and John J. Hardy hosting and on FX.

Read daily in-depth market updates from the Saxo Market Call and Saxo Strategy Team here.

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