Stocks selloff to extend to Asia as yields spike
A global equity selloff looked set to spill into Asia Wednesday after U.S. stocks saw their worst day since May and bond yields spiked on concerns about inflation. The dollar rallied.
Futures declined about 1% in Japan and Australia, and were also lower in Hong Kong. Mounting concern over the debt-ceiling impasse in Washington added to investor angst. $S&P 500 Index(.SPX.US)$contracts steadied in Asia trading after the benchmark closed 2% lower -- the most since May.
Highest flying tech stocks fall hardest in rate-fueled rout
The surge in yields batters growth stocks that have been trading at lofty levels. That's helped fuel a 2.9% drop in the $NASDAQ 100 Index(.NDX.US)$on Tuesday, led by companies like $Microsoft(MSFT.US)$and $Alphabet-A(GOOGL.US)$, as Treasury rates jumped for a fourth-straight day.
The faster-growing companies are more sensitive to interest rates than others because their stock valuations hinge on revenue and profit that's not expected to emerge for years.
Peloton extends drop as Amazon debuts rival fitness service
$Peloton Interactive(PTON.US)$dropped as much as 5.5% on Tuesday following news that $Amazon(AMZN.US)$is providing a service called Halo Fitness to rival offerings from Peloton and $Apple(AAPL.US)$.
Amazon's Halo membership includes “hundreds of workouts” through an app and can track body composition and sleep patterns, according to the company's website. Amazon is selling a Halo Band that works with the fitness service.
Ford fortifies EV bet with four new factories in Tennessee and Kentucky
$Ford Motor(F.US)$plans to build its first new U.S. assembly plant in decades, along with three battery factories, to fortify its push into electric vehicles as the industry accelerates green-tech investments.
Ford expects to spend $7 billion on the project—the largest manufacturing investment in its history—and collaborate with South Korean battery maker SK Innovation to construct the battery facilities.
Alibaba apps are starting to support Tencent's WeChat Pay
For years, China's major internet platforms have operated as walled gardens, blocking links from rivals or not allowing users to purchase goods using competitors payments products.
Regulators are now forcing companies like $TENCENT(00700.HK)$and $Alibaba(BABA.US)$to change some of their anti-competitive behavior across their apps. Tencent has started unblocking links to rivals’ content on WeChat. And Alibaba is now integrating Tencent's WeChat Pay on some of its apps.
Tesla CEO Elon Musk says U.S. government should avoid regulating crypto
$Tesla(TSLA.US)$ chief Elon Musk on Tuesday said the U.S. government should steer clear of trying to regulate the crypto market. "It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement," Musk said at the Code Conference in Beverly Hills, California.
Soaring pea costs set to hit plant-based meat producers
Plant-based meat companies that rely on the pea as a key ingredient are set to be hit by the severe drought in Canada this year that has led to soaring crop prices, a leading supplier has warned. Prices of peas in Canada have more than doubled.
Following $Beyond Meat(BYND.US)$, food companies including $Tyson Foods(TSN.US)$and $NESTLE SA(NSRGF.US)$have turned to peas as their key ingredient for their plant-based meat. Nestlé this year also launched a plant milk made from yellow peas.
China's pet care spend set for dramatic increase, says Goldman
Goldman Sachs is urging investors to take a bet on China’s $30bn pet market and the prospect that the country’s city-dwelling youth will opt for well-fed cats and dogs over a new baby boom.
The US investment bank has laid out its case for the Chinese pet care market in a report that forecasts a stellar 19% compound annual growth in pet food spending between now and 2030 as, among other factors, the diet of China‘s nearly 200m cats and dogs shifts from leftovers to packaged pet food.
Source: Bloomberg, WSJ, CNBC, Financial Times

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Alright, as mentioned earlier, currently is the earnings season where most of the companies will release their previous quarter reports to update about their business status....