Since peaking on July 10th, the market cap of the Magnificent 7 stocks has dropped a mind-numbering $2 trillion...
Source: Bloomberg
As another week goes by (the third in a row) with Small Caps (+3%) dramatically outperforming Nasdaq (-3%). The Dow ended the week green but S&P red (but closed above its 50DMA)...
That has crashed Nasdaq back into 'normal' range with the Russell for the last year...
Source: Bloomberg
And the biggest three week underperformance of Nasdaq vs Small Caps since the very peak of the DotCom bubble...
Source: Bloomberg
Treasuries have been broadly bid the last two days, with the long-end lagging (but managing to get back to unchanged on the week today) as the short-end yields tumbled...
Source: Bloomberg
This drove the yield curve (2s30s) to disinvert most sine July 2022...
Source: Bloomberg
Rate-cut expectations rose modestly on the week (focused fully in 2024 as 2025 remained flat)...
Source: Bloomberg
The dollar drifted very modestly higher in a very noisy trading
Source: Bloomberg
Gold ended the week slightly lower, bouncing back today...
Source: Bloomberg
Crypto markets were mixed this week with Bitcoin bouncing back strongly today, back up to $68,000...
Source: Bloomberg
...but ETH seeing 'sell the news' relative pressure since the ETFs launched...
Source: Bloomberg
Oil prices ended the week lower, chopping around back in a tight technical range it has found comfortable for months...
Source: Bloomberg
Finally, it's different this time... it's bigger....
Source: Bloomberg
...and remember, next week is the busiest of the summer - massive macro events (JOLTs, BOJ, Euro CPI, US ECI, FOMC, BOE, NFP), coupled with massive earnings announcements (40% of SPX market cap next week).
