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US stocks sold off last Monday due to fears over the potential - likely - failure of China Evergrande.
Evergrande is known as a real estate developer, but it is also a sprawling company with investments in multiple industries. And its impact goes well beyond China.
For stock investors, the more important event last week was the rapid rise of the 10-year Treasury yield from Wednesday to Friday.
The economic data last week was a little better and better than expected, but not significantly so.