U.S. stocks fell, giving the Standard & Poor’s 500 Index its worst week since 2012, amid disappointing results at JPMorgan Chase & Co. and signs hedge funds were dumping the bull market’s top performers. Treasuries rose, while oil hit a five-week high.
Asia’s benchmark stock index fell from an almost three-month high amid a renewed selloff of technology shares and as a gain in the yen yesterday dragged Japan’s Topix index to its worst week since June.
Chinese stocks dropped, sending mainland companies in Hong Kong to the biggest decline in two months, as falling producer prices signaled weakening economic growth and technology shares sank on valuation concerns.
The producer price index has a whole new look. The first major overhaul of the gauge since 1978 more than doubles its reach and provides a more comprehensive view of U.S. inflation at the wholesale level.