From Bloomberg

• "Global equities fell after China upped the ante in its trade dispute with the US, stirring fresh concerns over tensions between Beijing and Washington at a time when stocks look stretched after a relentless rally.

• S&P 500 contracts retreated 1% and Nasdaq 100 futures dropped 1.3% as China placed limits on five US entities tied to one of South Korea’s biggest shipbuilders and threatened further retaliation. All members of the Magnificent Seven slid in premarket trading, while European stocks slipped 0.8%.

• The standoff also sparked a rally in global bonds as investors pulled back from risk, sending the 10-year US Treasury yield down two basis points to 4.01%. Gold swung between gains and losses, while silver dipped after hitting a record.

• Tuesday’s moves mark a third day of stock swings, with fears of an escalation in US–China tensions returning to the forefront. The S&P 500 has gained more than 30% since its April low, as initial trade concerns gave way to unrelenting optimism over artificial intelligence and the resumption of US interest-rate cuts.

• Traders’ attention is also turning to the unofficial start of earnings season. JPMorgan Chase & Co. fluctuated in the premarket after beating estimates for trading and investment-banking fees, with Goldman Sachs Group Inc. and Citigroup Inc. also set to report before the US open. 

• Alongside renewed trade concerns, the surge in AI stocks is stoking bubble fears. In an October Bank of America Corp. survey, 54% of investors said tech valuations look stretched, with concerns over global equity prices also at a record."