Despite the near-perfect track record of downward revisions over the last 17 months, the market seemed buoyed today by a better than expected JOLTS print – which was juiced almost entirely by government jobs
Source: Bloomberg
And that was enough to send rate-cut expectations (dovishly) higher
Source: Bloomberg
Which pulled stocks and bonds higher in price…
Source: Bloomberg
In equity land, Nasdaq was the biggest gainer while Small Caps lagged
…as the energy-tech/AI pair continued to flip-flop (today’s winner was tech over energy)…
Source: Bloomberg
TSLA had a big day, up almost 10% after beating expectations for deliveries (getting back towards unchanged for the year)…
Which helped lift the Mag7 to fresh record-er highs…
Source: Bloomberg
Treasury yields were lower across the curve with the belly outperforming (7Y -4bp[s, 2Y & 30Y -2bps)…
Source: Bloomberg
The dollar dived on the dovishness….
Source: Bloomberg
Gold traded sideways once again (despite the dollar weakness)…
Source: Bloomberg
Oil prices touched a new two-month highs before legging back down for the day with WTI holding around $83 into tonight’s API data…
Source: Bloomberg
Having rallied back up to the scene of the Mt.Gox headline crime, Bitcoin slipped back lower today…
Source: Bloomberg
…despite 5 straight days of ETF inflows leading into this…
Source: Bloomberg
Finally, for the first time on over a year, macro-economic surprises have turned negative across every major region in the world…
Source: Bloomberg
Tim for The Fed to save the world (from Tyrannical Trump… with Simple Joe?)
Tyler Durden
Tue, 07/02/2024 – 16:00
