{"id":1475514,"date":"2024-07-05T20:00:00","date_gmt":"2024-07-06T00:00:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1475514"},"modified":"2024-07-05T20:00:00","modified_gmt":"2024-07-06T00:00:00","slug":"bullion-big-tech-soar-treasury-yields-tumble-amid-us-macro-meltdown","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/bullion-big-tech-soar-treasury-yields-tumble-amid-us-macro-meltdown\/1475514\/","title":{"rendered":"Bullion & Big-Tech Soar, Treasury Yields Tumble Amid US Macro-Meltdown"},"content":{"rendered":"

Bullion & Big-Tech Soar, Treasury Yields Tumble Amid US Macro-Meltdown<\/span><\/p>\n

\n

A wild (holiday-shortened and illiquid) week of dismal macro data and dramatic market divergences.<\/strong><\/p>\n

It was 100% – a bad news week…’hard landing’ much?<\/p>\n

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

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

…with ‘hard’ data hammered and ‘soft’ data’s rebound ended…<\/p>\n

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

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

…which means ‘good news’ for rate-cut expectations (which dovishly soared)<\/strong>…<\/p>\n

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

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

…and that sent stocks (some of them), bonds (all of them) and commodities (most of them) soaring while ‘currencies’ tumbled.<\/p>\n

Nasdaq ripped to its best week since late April and second best week since the first week of November. <\/strong>Small Caps ended the week red as short-squeeze ammo ran dry…<\/p>\n

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

Mag7 stocks drove the Nasdaq (and S&P) outperformance, ripping over 6% from Monday’s opening lows…<\/p>\n

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

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

Which led Consumer Discretionary and Tech higher while Energy stocks were sold…<\/p>\n

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

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

And its very concentrated still with the equal weight S&P going nowhere at all…<\/p>\n

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

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

As a reminder, the first 10 days of July are historically the strongest period of the year for stocks…<\/strong><\/p>\n

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

It’s all Mag7, all the time…<\/p>\n

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

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

This is Nasdaq’s best start to a year since the GFC…<\/p>\n

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

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

Treasury yields tumbled this week, led by the short-end of the curve…<\/p>\n

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

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

The dollar was dumped this week…<\/p>\n

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

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

Cryptos were clubbed like a baby seal this week with Ethereum underperforming Bitcoin (despite all the Mt.Gox FUD over BTC and BCH)…<\/p>\n

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

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

Bitcoin broke below its 200DMA overnight and then spent the rest of the day session in the US trying to get back to it….<\/p>\n

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

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

Oil ended the week higher, despite two good smackdowns around $84 (WTI) during the week…<\/p>\n

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

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

Spot Gold prices soared on the week, back above the 50DMA and near record highs once again…<\/p>\n

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

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

Finally, this is an odd chart for you to keep an eye on.<\/strong> While the much-watched UMich inflation expectations index (median) has been stabilizing over the past year or so (fitting the narrative of disinflation and Fed victory); the mean longer-term inflation expectation has blown back out in recent months to its highest since February 1993…<\/p>\n

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

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

The huge spread between mean and median implies that the distribution of inflation expectations has a very, very high right-tail (i.e. a relatively large number of respondents are expecting significantly higher inflation over the next 5-10 years<\/strong><\/em>). That is definitely not a narrative-confirming chart.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nFri, 07\/05\/2024 – 16:00<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/markets\/bullion-big-tech-soar-treasury-yields-tumble-amid-us-macro-meltdown<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Bullion & Big-Tech Soar, Treasury Yields Tumble Amid US Macro-Meltdown A wild (holiday-shortened and illiquid) week of dismal macro data and dramatic market divergences. It…<\/p>\n","protected":false},"author":0,"featured_media":1475515,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1475514","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1475514","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=1475514"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1475514\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1475515"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1475514"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1475514"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1475514"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}