Amid the doldrums of summer liquidity, today saw some give back from Friday's euphoric response to Jay Powell's latest flip-flop.
Rate-cut expectations declined (most notably focused on a shift from 2024 to 2025)...
Stocks - broadly-speaking - did not love it and gave some back with the Nasdaq the biggest loser (and S&P dragged down by Tech). The Dow managed to reach a new all-time high before purging most of it back.
It's been an interesting couple of days for Mag7 stocks...
...as the world readies for NVDA's earnings...
The dollar rallied modestly, erasing some of the dovish decline...
Despite the dollar gains, gold rallied...
Treasury yields rose modestly (just 1-2bps), but remain down from pre-Friday panic. The short-end continues to outperform...
Oil prices also continued to rebound, with WTI back above $77...
After surging above $65,000 twice over the weekend, Bitcoin was sold (ubiquitously) during the US day session
...and ETH is now at its weakest relative to BTC since the start of the DeFi boom...
Finally, while the seasonals are holding up for now, the worst period of the year looms (September H2)...
BTFD to all-time high, then STFR and rest for post-election surge?
