* Overnight at Wall St, Apple soared +7.25% on Apple Intelligence, causing stock indices to close up and S&P500 to make new all time high, except that if it wasn't for Apple and the other mega techs, it was red across everything else https://x.com/unusual_whales/status/1800619072524022112
* This thread had cautioned often that the indices can be misleading, overnight presented a crushing blow again for all things commodities.
* The ASX had been inefficient yesterday at the start after the long weekend, in that except for the gold sector, market participants were buying into lithium stocks in the morning and wasn't selling silver stocks when both had suffered prominently in US on Friday. Those who bought in the morning made intra-day losses.
* Tonight is the key night with US CPI release and FOMC decision on rates.
Column 1
Column 2
Column 3
0
STOCK INDICES [US 11 Jun 24]
Overnight %
1
DOW
-0.31%
38,747
2
S&P500
0.27%
5,375
3
NASDAQ
0.88%
17,343
4
DXY
0.11%
105.26
5
US 2 YR
-1.04%
4.834
6
US 10 YR
-1.53%
4.403
7
AUD
-0.04%
0.6607
8
GOLD
0.25%
$ 2,316
9
SILVER
-1.57%
$ 29.28
10
BTC
-3.27%
$67,304.00
11
12
13
GOLD
Overnight %
14
GDX
-0.82%
15
GDXJ
-0.87%
16
NEWMONT GOLDCORP(NEM)
-1.59%
17
BARRICK GOLD (GOLD)
-1.64%
18
AGNICO EAGLE MINES (AEM)
-0.86%
19
SILVER
20
SIL
-0.93%
21
SILJ
-0.60%
22
PAN AMERICAN SILVER(PAAS)
0.00%
23
LITHIUM
24
SPROTT LITHIUM MINERS (LITP)
-3.50%
25
GLOBAL X LITHIUM (LIT)
-1.26%
26
ALBEMARLE (ALB)
-0.08%
27
SOQUIMICH (SQM)
-2.25%
28
LITHIUM AMERICAS (LAC)
-2.93%
29
PIEDMONT LITHIUM (PLL)
-2.79%
30
ARCADIUM LITHIUM
-2.99%
31
PATRIOT BATTERY METALS
-2.92%
32
COPPER
33
GLOBAL X COPPER MINERS(COPX)
-2.38%
34
BHP
-2.76%
35
RIO
-1.57%
36
SOUTHERN COPPER (SCCO)
-2.36%
37
FREEPORT MCMORAN (FCX)
-1.32%
38
FIRST QUANTUM MINERALS (FQVLF)
-0.57%
39
TECK RESOURCES (TECK)
-2.53%
40
OIL
41
XLE
-0.20%
42
EXXON (XOM)
-0.80%
43
CHEVRON )CVX)
-0.16%
44
OCCIDENTAL (OXY)
0.21%
45
CONOCOPHILLIPS (COP)
0.29%
46
MARATHON OIL (MRO)
0.32%
47
HALLIBURTON (HAL)
-0.09%
48
COAL
49
RANGE GLOBAL COAL (COAL)
-2.35%
50
PEABODY ENERGY (BTU)
-3.18%
51
ALPHA METALLURGICAL (AMR)
-1.07%
52
ARCH RESOURCES (ARCH)
-3.47%
53
WARRIOR MET COAL (HCC)
-3.18%
54
URANIUM
55
GLOBAL X URANIUM (URA)
-4.39%
56
NICKEL
57
SPROTT NICKEL MINERS (NIKL)
-3.64%
58
RARE EARTHS
59
OPTICA RARE EARTHS (CRIT)
-2.77%
Bitcoin Battered, Bonds Bid, Apple Bounces Back Before Big-Risk Day
BY Zero Hedge
WEDNESDAY, JUN 12, 2024 - 06:00 AM
Another quiet macro day, ahead of tomorrow's extravaganza of event risk with CPI and FOMC (Dots), which the vol market is well aware of... Source: Bloomberg
Interestingly, rate-cut expectations for 2025 jumped significantly today but the shift in 2024 rate-cuts was relatively benign... Source: Bloomberg
For context, September is when the market is beginning to price in a rate-cut (56%) with November at 90% odds of a cut by then (note that the FOMC meeting is on 11/7, two days after the election) Source: Bloomberg Today's equity markets followed a very similar path to yesterday's with weakness overnight into the US equity cash open and then a buying-fest... Source: Bloomberg
However, today was less of a bounce with Nasdaq outperforming (+0.5%) (thanks to AAPL), S&P managing to cling to unchanged, while The Dow and Small Caps lagged (-0.5%) Source: Bloomberg
Tech was the only sector to close green today. Financials were the big laggards... Source: Bloomberg
Mainly... thanks to the ridiculous surge in AAPL which began at the US cash open (buybacks anyone)... Source: Bloomberg
That was AAPL's 3rdbest day in the past year... all thanks to buybacks to ensure the narrative of their AI bait and switch is 'seen' as positive... Source: Bloomberg
AAPL overtook NVDA once again as the second largest market cap company... Source: Bloomberg
One more thing before we move on to non-equity markets, we note that since The Powell Pivot, the Magnificent 7 stocks alone have added over $5 trillion in market cap... Source: Bloomberg
Treasury yields were all lower today (5-6bps), legging down on a very strong 10Y auction, which pulled them all lower on the week... Source: Bloomberg
The dollar levitated modestly within yesterday's range... Source: Bloomberg
Bitcoin was clubbed like a baby seal (after the first BTC ETF net outflow in 19 days). Having topped $70k yesterday, BTC tumbled to test $66k before bouncing back a little late on... Source: Bloomberg
Gold limped higher once again, but remains well down from pre-payrolls... Source: Bloomberg
Oil prices held gains around $78 (WTI)... Source: Bloomberg
Finally, as we await tomorrow's fun and games, Bloomberg's Jeffrey Chaffa notes that the bond market remains more volatile to macro data than equities, but yields are range bound overall.
With rates acting as the shock absorber, the stock market is dominated by the secular theme of AI and high dispersion, contributing to lower index volatility, according to Bloomberg Intelligence chief global derivatives strategist Tanvir Sandhu. The average move of two-year yields on CPI data-release days is 13.4 bps year-to-date, which is about 3 bps higher versus 2023 and close to the 2022 average. The S&P 500 average realized move is 0.93% year-to-date, much lower than 2022 at 1.93%.
