China delegation cancels US farm visit to Montana, US T-bond yields and stocks turn south

On Friday, the Montana Farm Bureau told Reuters that Chinese agricultural officials, who were expected to visit US farm states next weeks, have cancelled their trip and were expected to return to China sooner than initially planned.

It's not clear whether or not officials will visit the other farm states.

This development seems to have triggered fresh risk-off flows. As of writing, the Dow Jones Industrial Average and the S&P 500 were both losing 0.4% on the day while the Nasdaq Composite was down more than 1%. Additionally, the 10-year US Treasury bond yield is erasing almost 2%.