20 June 2023
Global markets and US equity futures extended their decline for a second day due to a risk-off sentiment. Investor disappointment followed the below-par reduction in benchmark lending rates by Chinese banks. The second-quarter rally faced resistance from economic challenges, overbought conditions, and stretched positioning. S&P futures dropped 0.4%, Nasdaq futures dipped 0.3%, and MegaCap tech stocks led the weakness. Commodity prices were mostly lower, but there were gains in oil, gold, and Bitcoin.