Stocks tumble as China's COVID protests roil sentiment

European stock futures were down across each of the major markets while S&P 500 futures , were 0.77% lower.

There were also protests in Wuhan, Chengdu and parts of the capital Beijing as COVID restrictions were put in place in an attempt to quell fresh outbreaks. "Things are very fluid," he said. "Protests could also be the catalyst that leads to a positive outcome in leading the government to set a clearer game plan on how the country is going to learn to live with COVID, setting a more transparent timetable, and accelerating China's move to living with COVID."The COVID rules and resulting protests are creating fears the economic hit for China will be greater than first expected.

Yields on benchmark 10-year Treasury notes reached 3.6314% from its U.S. close of 3.702% on Friday. The two-year yield , which tracks traders' expectations of Fed fund rates, touched 4.4278% compared with a U.S. close of 4.479%.

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