The S&P 500 is down about 16-16.50 percent for the year and the Nifty is still above the 16,000 mark, showing resilience. The Nasdaq and the S&P 500 were down about 4.25 percent and 3.25 percent, respectively.

US dollar continued to outperform, especially, against commodity-related forex and as commodities came off. Oil prices were down about 5-6 percent, and US natural gas prices sold off 7 percent, the second day of a sharp sell-off.

Market pricing of what the US Federal Reserve would do for the full year 2022 is being pulled back from almost 250 basis points (bps) and 196 on Friday to 186 basis points. The market expects the Fed to do less as compared to what it was expected to do the week before and, therefore, the sell-off.

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First Published:May 10, 2022 8:41 AM IST