It was another very busy week, which saw tech continue to melt up, helping push the Nasdaq +73bps to a new all time high, while the S&P dipped -64bps (Equal Weight S&P slumped -1.7% slumped), and the small-cap Russell tumbled -2.6%.
It was a week that saw encouraging macro (CPI, PPI) & dovish central banks (SNB and BoC cut 50bps, ECB 25bps, odds for a BOJ hike for next week reduced + supportive stimulus comments from China) + a vicious Momentum unwind (worst day since '22) that stabilized throughout the week (Goldman believes momentum wobbles should be bought, namely AI or Power Up America).
From a flow perspective, LOs finished -$5b net sellers while HFs finished balanced, supply was concentrated in TMT and Healthcare while macro products and comm services were bought.
