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China PMIs for April 2022 have been published – all are well into contraction

China official PMIs for April 2022
• Manufacturing 47.4 vs. expected 48.0, prior 49.5
• Non-manufacturing 41.9 vs. prior 48.4

China Caixin /Markit Manufacturing PMI for April comes in at 46.0
• vs. expected 47.0, prior 48.1

The intensification of the COVID-19 outbreak and the associated lockdowns and restrictions across many centres in the country, most notably in Shanghai and other economic powerhouse regions, weighed on the economy in the month.

shanghai china 05 April 2022

Closing levels: Stocks puke into the close. Nasdaq falls to the lowest in a year

The old adage is that stocks don’t bottom on Fridays. Of course, it’s also the final trading day of the month so that could have led to some special selling flows that could reverse on Monday as we begin May.

On the day:

  • S&P 500 -3.6% worst single day since June 2020. Lowest close since May 2021
  • Nasdaq -4.3%
  • DJIA 2.8%
  • Russell 2000 -2.9%
  • Toronto TSX Comp -1.7%

Amazon was down 14% in its worst day since 2006.

On the week:

  • S&P 500 -3.3%
  • Nasdaq -3.9%
  • DJIA -2.5%
  • Russell 2000 -4.0%

On the month:

  • S&P 500 -8.8% — worst monthly drop since March 2020
  • Nasdaq -13.3% — largest monthly decline since 2008
  • DJIA -4.9% — worst monthly drop since March 2020

On the year, the Nasdaq is now down 21.2%. With that as a monthly close, it’s a bear market in tech stocks.

Nasdaq weekly April 29

Drawdowns in big-cap tech:

  • AAPL 13.2%
  • MSFT 18.7%
  • GOOGL 23.6%
  • TSLA 29.0%
  • AMZN 34.1%
  • NVDA 44.2%
  • FB 47.4%
  • NFLX 72.3%