Stocks Face Headwinds as Households Hold Large Equity Stakes, Nike Cuts Outlook, China Tightens Gaming Rules
• U.S. households currently hold a very high percentage of equities, suggesting weak stock returns over the next 7 years historically
• Fed's preferred inflation gauge, PCE data, durable goods orders, personal income and spending due today
• Nike shares down 11% on soft outlook and cost-cutting plans; Adidas and Puma also fall
• Bristol Myers buying Karuna Therapeutics in $14B deal; Karuna shares surge
• China gaming stocks plunge - NetEase down 25%, Tencent off 12% - on new gaming industry rules