{"id":1470789,"date":"2024-06-11T20:00:00","date_gmt":"2024-06-12T00:00:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1470789"},"modified":"2024-06-11T20:00:00","modified_gmt":"2024-06-12T00:00:00","slug":"bitcoin-battered-bonds-bid-apple-bounces-back-before-big-risk-day","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/bitcoin-battered-bonds-bid-apple-bounces-back-before-big-risk-day\/1470789\/","title":{"rendered":"Bitcoin Battered, Bonds Bid, Apple Bounces Back Before Big-Risk Day"},"content":{"rendered":"

Bitcoin Battered, Bonds Bid, Apple Bounces Back Before Big-Risk Day<\/span><\/p>\n

\n

Another quiet macro day, ahead of tomorrow’s extravaganza of event risk <\/strong>with CPI and FOMC (Dots), which the vol market is well aware of…<\/strong><\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

Interestingly, rate-cut expectations for 2025 jumped significantly today but the shift in 2024 rate-cuts was relatively benign…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

For context, September is when the market is beginning to price in a rate-cut (56%) with November at 90% odds of a cut by then<\/strong> (note that the FOMC meeting is on 11\/7, two days after the election)<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

Today’s equity markets followed a very similar path to yesterday’s with weakness overnight into the US equity cash open and then a buying-fest…<\/strong><\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

However, today was less of a bounce with Nasdaq outperforming (+0.5%) (thanks to AAPL), S&P managing to cling to unchanged, while The Dow and Small Caps lagged (-0.5%)<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

\u00a0<\/p>\n

Tech was the only sector to close green today. Financials were the big laggards…<\/strong><\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

Mainly… thanks to the ridiculous surge in AAPL which began at the US cash open (buybacks anyone)…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

AAPL overtook NVDA once again as the second largest market cap company…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

One more thing before we move on to non-equity markets, we note that since The Powell Pivot, the Magnificent 7 stocks alone have added over $5 trillion in market cap…<\/strong><\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

Treasury yields were all lower today (5-6bps), legging down on a very strong 10Y auction, which pulled them all lower on the week…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

The dollar levitated modestly within yesterday’s range…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

Bitcoin was clubbed like a baby seal (after the first BTC ETF net outflow in 19 days). Having topped $70k yesterday, BTC tumbled to test $66k before bouncing back a little late on…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

Gold limped higher once again, but remains well down from pre-payrolls…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

Oil prices held gains around $78 (WTI)…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

Finally, as we await tomorrow’s fun and games, Bloomberg’s Jeffrey Chaffa notes that the bond market remains more volatile to macro data than equities<\/strong>, but yields are range bound overall.<\/p>\n

With rates acting as the shock absorber, the stock market is dominated by the secular theme of AI and high dispersion<\/strong>, contributing to lower index volatility, according to Bloomberg Intelligence chief global derivatives strategist Tanvir Sandhu.<\/p>\n

<\/a><\/p>\n

The average move of two-year yields on CPI data-release days is 13.4 bps year-to-date, which is about 3 bps higher versus 2023 and close to the 2022 average.<\/strong> The S&P 500 average realized move is 0.93% year-to-date, much lower than 2022 at 1.93%.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nTue, 06\/11\/2024 – 16:00<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/markets\/bitcoin-battered-bonds-bid-apple-bounces-back-ahead-big-risk-day<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin Battered, Bonds Bid, Apple Bounces Back Before Big-Risk Day Another quiet macro day, ahead of tomorrow’s extravaganza of event risk with CPI and FOMC…<\/p>\n","protected":false},"author":0,"featured_media":1470790,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1],"tags":[],"class_list":["post-1470789","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pbimBl-6aCp","jetpack_featured_media_url":"https:\/\/bugaluu.com\/news\/wp-content\/uploads\/sites\/3\/2024\/06\/bfm783B_0-yRKGBZ.jpeg","_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1470789","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1470789"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1470789\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1470790"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1470789"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1470789"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1470789"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}