China phone shipments, Tesla output and Fed caution shape Saturday's news

U.S. markets were closed for the weekend, so QQQ and SPY stayed at Friday's carried closes with neither leading. News centered on a 47.4% year-on-year drop in foreign-brand smartphone shipments in China, Tesla Shanghai's first annual shipment decline of 3%, and Fed Governor Kugler's case for a slower, data-dependent policy path.