Source: BloombergAs 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 the Nasdaq back into the ‘normal’ range with the Russell for the last year…
Source: BloombergAnd the biggest three-week underperformance of Nasdaq vs Small Caps since the very peak of the DotCom bubble…
Source: BloombergTreasuries 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: BloombergThis drove the yield curve (2s30s) to disinvest most since July 2022…
Source: BloombergRate-cut expectations rose modestly on the week (focused fully in 2024 as 2025 remained flat)…
Source: BloombergThe dollar drifted very modestly higher in a very noisy trading
Source: BloombergGold ended the week slightly lower, bouncing back today…
Source: BloombergCrypto 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: BloombergOil prices ended the week lower, chopping around back in a tight technical range it has found comfortable for months…
Source: BloombergFinally, 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).More By This Author:Fed’s Favorite Inflation Indicator Unexpectedly Jumped In June; Savings Rate Slumps
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