factory activity.
Chinese shares rose despite the survey showing further pressure on an economy already burdened by a prolonged crisis in the property industry. But negative indicators often fuel speculation that they will lead Beijing to counter with growth-friendly policies. Nvidia’s loss helped pull the Nasdaq composite down 1.1%, while the S&P 500 sank 0.6% even though the majority of stocks within the index and across Wall Street were higher. The Dow Jones Industrial Average dropped 0.9%.
Stocks also broadly got a boost from easing Treasury yields in the bond market, providing relief after they had climbed earlier this week on worries about tepid demand for Treasury bonds following several U.S. government auctions. Higher yields put downward pressure on all kinds of investments. A slowdown in the economy could give the Federal Reserve more confidence that inflation is sustainably heading down to its 2% target. That in turn could convince it to cut the federal funds rate, which has been sitting at the highest level in more than two decades.
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