Bonds, Bullion, & Big-Tech Quiet As Data-Deluge Looms

Ahead of Thursday’s CPI print and Friday’s bank earnings, bond markets were quiet today, stocks were choppy, but the S&P ended unchish. Gold was also unch and crypto trod water.

The S&P 500 ended lower, Nasdaq outperformed as the cash open saw BTFDing from the overnight losses, but even the tech-heavy index only managed only very small gains thanks to a last second pop on the day. The Dow and Small Caps lagged…

MAG7 stocks extended yesterday’s rip – up to almost unchanged YTD…

Source: Bloomberg

As ‘most shorted’ stocks squeezed off the opening gap-down for the 3rd day in a row. But late-day saw selling pressure hit…

Source: Bloomberg

Gold ended unch…

Source: Bloomberg

Swap Spreads were flat…

Source: Bloomberg

Rate-cut expectations for 2024 were basically flat on the day…

Source: Bloomberg

The yield curve was flat…

Source: Bloomberg

A solid 3Y auction at 1300ET supported yields overall as they declined 1-2bps broadly speaking. Yields are lower on the week, led by the belly…

Source: Bloomberg

10Y tested down to 4.00% and bounced again…

Source: Bloomberg

2Y Yield range was extremely narrow – just 4bps from high to low…A very ‘inside’ day…

Source: Bloomberg

…one of the smallest ranges in years…

Source: Bloomberg

Ethereum decoupled completely (lower) from Bitcoin today as the world anticipated the SEC approving spot ETFs on the latter…

Source: Bloomberg

The dollar rallied almost non-stop from the late-Asian session…

Source: Bloomberg

While the dollar was higher and gold flat, crude oil actually managed a rally today with WTI back above $72…

Source: Bloomberg

Finally, there was some life in vol-land as the rest of the week is pricing in at least ‘some’ event risk…

Source: Bloomberg

Of course, that’s just another opportunity for 0-DTE traders to sell-the-straddle and stoke their Sharpe Ratios to the moon.