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Asian Stocks Under Pressure, Chipmakers Concerned: Market Roundup

(Bloomberg) -- Asian stocks opened under pressure after U.S. stocks extended their longest losing streak since January. Bloomberg's top readsDubai Stalled as Cloudy Rainfall Worsens FloodingTesla Again Asks Investors to Approve Mas Resonance's $56 Billion SalaryRed Lobster Considers Bankruptcy to Address Lease and Labor CostsBanker Charged Millions in Breakup Fee for Giving Up New JobChina Says Carburetor Deal with Iran Will Continue After Israel AttackStock Index Futures Scam

Equity Correlations Rise as Wall Street Decline Widens

A stock market correlation index hit a nearly four-month high on Wednesday, signaling that investors expect stocks to swing higher in the coming days. The S&P 500 fell 0.58% on Wednesday, down nearly 5% from its record high in late March, while the Cboe 1-month implied correlation index rose as high as 21.79, the highest since late December. The Cboe Index, which measures the market's expectations for correlations among S&P 500 components, had recently hovered below 10 points in early April, a low rarely touched in the index's nearly 20-year history, according to LSEG.
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