Source: Bloomberg‘Bad’ news was good news for the doves, and the market’s expectations for rate-cuts in 2024 ticked back up to 4 rate-cuts (from 3).
Source: BloombergBonds were bid on the week, with the belly outperforming the wings.
Source: BloombergThe 10-year yield dropped down to almost 4.0% (closing below its 50-DMA) at its lowest in almost six weeks.
Source: BloombergWhile yields were lower on the week, stocks were more mixed, with the Nasdaq down on the week as a red-end to the week for mega-cap tech spoiled the party. Magnificent 7 stocks ended the week lower after fading from Friday’s gains.
Source: BloombergSmall-caps outperformed, The Dow lagged, and the S&P 500 desperately tried to close green on the week (but failed).
If it had closed green, that would have been the 17th positive week in the last 19 — the greatest streak in stocks since 1964.
The ‘most shorted’ stocks were squeezed hard at the open on Friday, moving into the green for the week, before tumbling back to the lows of the week.
Source: BloombergThe dollar was down for the sixth straight day on Friday, ending the worst week in three months for the greenback.
Source: BloombergAnd dollar weakness helped spur the gains in gold, which soared to a new record high just shy of $2200 on Friday. Gold has been up for eight straight days — the longest winning streak since July 2020.
Source: BloombergThe gains in gold continued despite seeing outflows from gold ETFs (as Bitcoin ETF inflows soared).
And in the meantime, cryptocurrencies roared higher this week, with Bitcoin topping $70,000 (a new record high) for the first time.
Source: BloombergBut, Ethereum outperformed Bitcoin on the week (+14% vs +10%), hitting the $4000 figure.
Source: BloombergOil prices ended the week lower (at the low end of its recent range).
Source: BloombergFinally, this is nuts. Yes, a trillion dollars added year-to-date.
Source: BloombergAnd this next chart should be noted, as well.
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