A bounce back in macro this week (both โhardโ and โsoftโ data better than expected)โฆ
Source: Bloomberg
โฆ.stalled the โbad news is good newsโ shift in rate-cut expectationsโฆ
Source: Bloomberg
The worldโs largest IT outage today did nothing to help the week as CrowdStrike accidentally confirmed the reality of an โalmost internet kill-switchโโฆ
โฆleaving Nasdaq suffering its worst week since April (with MAG7 basket down around 4%). Small Caps and The Dow ended the week higher while S&P joined Nasdaq in the redโฆ
The relative underperformance of Nasdaq vs Small Caps in the last two weeks is the largest since the reversal at the top of the dotcom bubble in 2001โฆ
Source: Bloomberg
But bear in mind that this leaves Nasdaq only down a little in July while Russell 2000 remains up over 7%โฆ
Source: Bloomberg
The cap-weighted S&P underperformed the equal-weight S&P by 250bps this week (the most since Nov 2020 โ election/vaccines) and by 450bps in the last two weeksโฆ
Source: Bloomberg
The Magnificent 7 stocks have lost $1.3 trillion in market cap since the peak on 7/10 โ the biggest 7-day drop for that basket everโฆ
Source: Bloomberg
VIX had a big week, surging back above 16 โ its biggest absolute weekly jump since March 2023 (SVB implosion)โฆ but bond vol remains mutedโฆ.
Source: Bloomberg
..and it wasnโt just VIX โ skews all started to blow out this weekโฆ
Source: Bloomberg
โฆand implied correlation surged back off record lowsโฆ
Source: Bloomberg
Bonds were also sold alongside stocks, with Treasury yields ending the week up around 5bps across the whole curveโฆ
Source: Bloomberg
Bitcoin rallied for the second straight week (its best week since March), back above $67,000 for the first time in six weeks โฆ
Source: Bloomberg
โฆas ETF inflows strengthenedโฆ
Source: Bloomberg
Most notably, Bitcoin has decoupled from its strong correlation with tech overall in the last two weeksโฆ
Source: Bloomberg
Ether was also bid, breaking out above $3500 for the first time in a month ahead of next weekโs expected ETF launchesโฆ
Source: Bloomberg
Gains in gold earlier in the week were erased as the precious metal ended the week basically unchangedโฆ
Source: Bloomberg
The dollar Index surged back to the highs of the week today and yesterday โ ending the best week for the greenback since early Juneโฆ
Source: Bloomberg
Dollar gains clubbed crude as WTI tumbled back to an $80 handle โ the lowest in a month (from two-month highs)โฆ
Source: Bloomberg
Finally, is it over?
Source: Bloomberg
Too soon?
It is for someone!!
Source: ZeroHedge News
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