* Flattish market overnight with late Dow swing to the black...

* Flattish market overnight with late Dow swing to the black close to end of the trading session
https://x.com/unusual_whales/status/1806054274071404832
* DXY broke 106 as dollar surges past 160Y prompting interesting times in the currency market
* Commodities traded flat with exception of lithium stocks that rocketed higher from oversold conditions in kneejerk response to rumours of a Chinese lithium miner going offline into maintenance, the same news which inspired the turnaround in local lithium stocks in yesterday's afternoon session.
* US 2 year and 10yr yields edged up higher to 4.75pc and 4.33pc respectively

	Column 1	Column 2	Column 3
0	STOCK INDICES [US 26 Jun 24]	Overnight %
1	DOW	0.04%	39,127
2	S&P500	0.16%	5,478
3	NASDAQ	0.48%	17,802
4	DXY	0.42%	106.05
5	US 2 YR	1.33%	4.753
6	US 10 YR	2.33%	4.334
7	AUD	0.05%	0.6649
8	GOLD	-0.92%	$ 2,298
9	SILVER	-0.49%	$ 28.77
10	BTC	-1.43%	$   61,021
11
12
13	GOLD	Overnight %
14	GDX	-0.07%
15	GDXJ	-0.24%
16	NEWMONT GOLDCORP(NEM)	-1.07%
17	BARRICK GOLD (GOLD)	1.27%
18	AGNICO EAGLE MINES (AEM)	0.72%
19	SILVER
20	SIL	0.51%
21	SILJ	-0.09%
22	PAN AMERICAN SILVER(PAAS)	1.72%
23	LITHIUM
24	SPROTT LITHIUM MINERS (LITP)	4.60%
25	GLOBAL X LITHIUM (LIT)	3.03%
26	ALBEMARLE (ALB)	8.10%
27	SOQUIMICH (SQM)	6.31%
28	LITHIUM AMERICAS (LAC)	3.83%
29	PIEDMONT LITHIUM (PLL)	6.79%
30	ARCADIUM LITHIUM	12.23%
31	PATRIOT BATTERY METALS	5.60%
32	COPPER
33	GLOBAL X COPPER MINERS(COPX)	0.73%
34	BHP	0.63%
35	RIO	0.42%
36	SOUTHERN COPPER (SCCO)	-0.38%
37	FREEPORT MCMORAN (FCX)	-0.82%
38	FIRST QUANTUM MINERALS (FQVLF)	6.61%
39	TECK RESOURCES (TECK)	1.30%
40	OIL
41	XLE	-0.98%
42	EXXON (XOM)	0.03%
43	CHEVRON )CVX)	-1.58%
44	OCCIDENTAL (OXY)	-0.36%
45	CONOCOPHILLIPS (COP)	-1.20%
46	MARATHON OIL (MRO)	-1.18%
47	HALLIBURTON (HAL)	-1.73%
48	COAL
49	RANGE GLOBAL COAL (COAL)	0.39%
50	PEABODY ENERGY (BTU)	1.10%
51	ALPHA METALLURGICAL (AMR)	1.77%
52	ARCH RESOURCES (ARCH)	2.68%
53	WARRIOR MET COAL (HCC)	1.56%
54	URANIUM
55	GLOBAL X URANIUM (URA)	0.83%
56	NICKEL
57	SPROTT NICKEL MINERS (NIKL)	0.46%
58	RARE EARTHS
59	OPTICA RARE EARTHS (CRIT)	0.32%

Today's market was brought you by the number 160 (yen per dollar) and the letters 'A' and 'I' as Japan's Kanda spoiled the party in the FX markets and NVDA's Huang failed to spark a panic back into AI stocks during today's shareholder meeting.
USDJPY broke above 160 for the first time since 1986 as Japan's currency chief failed to ignite enough fear with his comments about intervention...


NVDA failed to follow-through on yesterday's big rebound even as CEO Jensen Huang delivered a rousing vision of the future for the use of his company's products...

Source: Bloomberg
Well, everything went f*ing vertical in the last few seconds of the day smashing NVDA into the green...

...and then Micron earnings hit after hours and NVDA tanked back into the red...

AI companies overall faded today, giving back much of yesterday's gains (but the selloff was more broad-based today)...

Source: Bloomberg
But while AI stocks were hit, MAG7 basket rallied, thanks in large part to AMZN...

Source: Bloomberg
...as AMZN hit a new record high, topping $2 trillion market cap for the first time...

Source: Bloomberg
Add to all that the fact that the US housing market appears to have literally imploded in May (according to today's new home sales data) and onemight have expected a more "bad news is good news" day... but instead, rate-cut expectations fell hawkishly...

Source: Bloomberg
Overall, Small Caps were the day's biggest losers with the other US Majors clinging to either side of unchanged ahead of tonight's bank stress test results. The last few seconds of the day saw everything go vertical as NVDA spiked...

Goldman's trading desk noted that overall activity levels are down -5% vs. the trailing 2 weeks with market volumes flat vs the 10dma

• Our floor tilts -1% better for sale,  driven by HFs
• HFs lean -8% better for sale but short ratio back below 50%.  They are net for sale in every sector ex-REITs & Macro Products. Supply is heaviest in Tech where net supply is 3x larger than Energy, while the other sectors net supply is more modest.
• LOs are +2% better to buy, buying Tech, Staples, Energy, Fins & Macro Products.  Supply is heaviest in HCare & Industrials.

Bonds were dumped though with the longer-end underperforming on the day (2Y +4bps, 30Y +7bps)..

Source: Bloomberg
...which steepened the yield curve dramatically, back up to pre-CPI levels...

Source: Bloomberg
The yen weakness sent the dollar index soaring higher, closing at its highest since Nov 2023...

Source: Bloomberg
Dollar strength made gold suffer, with spot prices back below $2300...

Source: Bloomberg
...and oil, which was also piled on from a big crude build. WTI bounced back off the early selling but was sold back down to close basically unchanged...

Source: Bloomberg
Bitcoin faded back from $62,000 as headlines around US Govt moving its Mt.Gox holdings to Coinbase sparked some selling pressure (though it appears the market has already soaked in the potential supply from that, which built on yesterday's FUD-inspiring German govt move headlines)...

Source: Bloomberg