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Tech Wrecks As Bond Bid Sparks Major Curve-Flattening

Courtesy of ZeroHedge View original post here.

Major divergence in US equities today as Nasdaq puked (after NFLX collapsed) and the rest, led by The Dow and Small Caps, managed gains (with late-day weakness erasing S&P’s positive returns)…

Of course everyone was focused on today’s carnage in NFLX (biggest volume since Oct 2013, 2nd worst daily loss since IPO – Oct 2004 previous) with over $56 billion in market cap being wiped away, leaving the company smaller than $100 bn total market cap

Source: Bloomberg

Traditional ‘defensive’ stocks like Real Estate, Healthcare, and Consumer Staples, were today’s best performing sectors, while many of the sectors that outperformed throughout the pandemic – Tech, Consumer Discretionary – lagged today…

Source: Bloomberg

The FANG+ complex, which outperformed so much throughout the pandemic crashed today (with only MSFT ending green) with the biggest daily drop since March 2020. The FANG+ complex has basically erased all of the late-March meltup…

Source: Bloomberg

“Most Shorted” stocks whipsawed back lower today…so back up we squeeze tomorrow?

Source: Bloomberg

Treasuries were bid across the curve with the long-end dramatically outperforming (30Y -11bps, 2Y -1bps) helped lower in yield after a very strong 20Y auction. This pushed 30Y (and 10Y) lower in yield on the week, while the short-end remains notably higher on the week(2Y +13bps)…

Source: Bloomberg

The yield curve (2s30s) has plunged almost 30bps in 2 days after steepening back into the March FOMC range…

Source: Bloomberg

The dollar fell back today finding support at unchanged on the week…

Source: Bloomberg

The Ruble rebounded to pre-invasion levels today, back below 77/USD…

Source: Bloomberg

Bitcoin ended the day basically unchanged after testing above $42k and below $41k…

Source: Bloomberg

Gold ended marginally lower, but seemed to hold $1950…

WTI ended the day modestly higher after finding support at the $100 handle…

Finally, today is the 2 year anniversary of WTI futures closing negative for the first time in history. Since that day, WTI is up a stunning $140 per barrel… the largest surge in absolute price ever…

Source: Bloomberg

It’s also another anniversary… of President Biden saying this…

And gas prices are up quite a bit since he took over…

Source: Bloomberg

‘probably nothing’ right?


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