stocks are set for another fall ahead of more inflation data following an unpleasant cpi surprise that took a fresh bite out of markets the tech sector was hardest hit with apple aapl losing 5 and surrendering its world’s biggest company crown to saudi aramco big techs “need to recover to lead the market” said marketscom’s chief analyst neil wilson who sees bulls putting up a fight if the sp 500 spx drops to 3800 that’s “when things start to look very oversold…risk is the slow grind lower of the bear market the exact momentum we saw in the bull market but in reverse” our call of the day comes from citigroup strategists who offered a global equity portfolio to hedge against another equity downturn “it is long value and short growth it favors the uk and em over the us and continental europe it prefers cheap financials and commodity stocks to more expensive techrelated trades” said a team led by chief global equity strategist robet buckland the macro equity portfolio “minimizes exposure to a further realyield driven derating across global equity markets shorting trades where valuations are most sensitive to us 10year tips yields and long those that are least sensitive” the team said the portfolio is wary of growth sectors notably in the us as the team explained the global equity market still isn’t that cheap vs history they note the msci ac world benchmark acwi is off 17 year to date trading on its longterm median of 15 times 12month forward priceearnings down from last year’s 20 times peak dropping to a 10times multiple seen during the 201112 eurozone crisis would imply another 33 derating they said the msci ac world growth index meanwhile is off 25 while energy and uk health care are the only sectors bucking a “developing bear market” said the strategists the relationship with real yields and equity valuations is key to determining more equity weakness citi reminded us “monetary easing in 20192020 helped to drive down real yields and rerate equities monetary tightening in 2022 is driving up real yields and derating equities” they wrote adding that valuations for more ratesensitive growth stocks probably have further to fall how much the msci ac world growth index hit a pe of 29 times towards the end of 2021 and now trades on 22 times consistent with the current real yield of 03 should that real yield head back down to 05 the derating of growth stocks should reverse but citi’s global strategist matt king saw real yields at risk of heading to 1 which is bearish for equities and thinks stocks remain vulnerable even if 10year tips stop climbing their hawkish outcome on real yields would send the msci ac world benchmark to trade at forward priceearnings of 14 times from the current 15 and the msci us to 16 times from 18 times we’re almost there they said but the world growth index stands to drop to 17 times down from the current 22 times as for how this derating strategy has performed so far in 2022 here’s a chart “the longonly strategy is down this year but much less than the overall market” said buckland and the team disney stock dis is down after the entertainment giant said it added more streaming subscribers than expected in the wake of netflix’ s nflx rout but warned of weakness ahead applovin app is rallying after the appmonetization group’s executives said their software business is revving up and they could put the app unit up for sale ev maker rivian automotive rivn is up after sticking to its 2022 production outlook and lordstown motors ride surged more than 30 after saying deal to sell its factory to foxconn went through beyond meat’s bynd stock is headed below its ipo price for the first time after disappointing results grocerydelivery group instacart has filed for a longawaited ipo more earnings are ahead from wework we us foods usfd and squarespace sqsp weekly jobless claims and april producer prices are coming ahead of the market open the crypto bloodbath continues following the collapse of algorithmic stablecoin terrausd mega stablecoin tether usdtusd announced a 1 billion swap as it hit a low of 95 cents bitcoin btcusd is down about 5 president joe biden urged americans not to “grow numb to such sorrow” as he announced 1 million covid deaths in the country finnish leaders are backing nato membership in response to russia’s war in ukraine former russian president dmitry medvedev warned that the west’s steady weapons supply and support for ukraine risks “fullfledged nuclear war” stock futures es00 ym00 nq00 are under some pressure along with treasury yields bxtmubmusd10y bxtmubmusd02y as the dollar climbs dxy commodities are under widespread pressure with oil cl00 brn00 down over 2 here’s a look at how apple’s market cap eventually ceded to saudi aramco’s these were the topsearched tickers on marketwatch as of 6 am eastern time this tough root crop could break the world’s dependence on wheat spain expected to be the first country in the world to offer “menstrual leave” passenger with 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