* S&P500 and Nasdaq made a new all time high but much of were...

* S&P500 and Nasdaq made a new all time high but much of were tech-led
https://x.com/unusual_whales/status/1808229074311303645
* Resource stocks were flat and relatively underwhelming extending the frustration in the space
* Tesla EV deliveries beat estimates but were -4% lower y-o-y, nonetheless bolstered the stock by +10.2% making the winner of the day
* Despite Tesla and the broader market climbing higher, lithium stocks were unable to 'make hay while the sun shine'; after a strong opening start, lithium stocks faltered- ALB began +5% and ended -0.36% lower and LAC was +2.2% before closing -4.34%- all suggesting that market participants got too eager associating Tesla's 'stronger' numbers to lithium stocks fortunes, while shorts and instos long selling out continued to hamper exuberance. I have noticed the same observation in early ASX trade- over eager lithium stock buyers in the morning buying into the green ended being in red by the end of the day. On what should have been the best day for lithium stocks (based on past actions), they had significantly underwhelmed - because the link between EV growth and lithium pricing growth has been broken for some time to come.

	Column 1	Column 2	Column 3
0
1	STOCK INDICES [US 2 Jul 24]	Overnight %
2	DOW	0.41%	39,331
3	S&P500	0.62%	5,509
4	NASDAQ	0.84%	18,029
5	DXY	-0.20%	105.69
6	US 2 YR	-0.43%	4.752
7	US 10 YR	-0.93%	4.438
8	AUD	0.14%	0.6657
9	GOLD	-0.10%	$   2,329
10	SILVER	0.25%	$   29.52
11	BTC	-2.05%	$    61,991
12
13
14	GOLD	Overnight %
15	GDX	0.38%
16	GDXJ	0.26%
17	NEWMONT GOLDCORP(NEM)	0.14%
18	BARRICK GOLD (GOLD)	0.36%
19	AGNICO EAGLE MINES (AEM)	0.97%
20	SILVER
21	SIL	1.04%
22	SILJ	0.63%
23	PAN AMERICAN SILVER(PAAS)	1.48%
24	LITHIUM
25	SPROTT LITHIUM MINERS (LITP)	1.15%
26	GLOBAL X LITHIUM (LIT)	0.05%
27	ALBEMARLE (ALB)	-0.36%
28	SOQUIMICH (SQM)	0.45%
29	LITHIUM AMERICAS (LAC)	-4.34%
30	PIEDMONT LITHIUM (PLL)	-2.75%
31	ARCADIUM LITHIUM	-1.23%
32	PATRIOT BATTERY METALS	0.78%
33	COPPER
34	GLOBAL X COPPER MINERS(COPX)	0.37%
35	BHP	0.07%
36	RIO	-0.60%
37	SOUTHERN COPPER (SCCO)	1.20%
38	FREEPORT MCMORAN (FCX)	0.62%
39	FIRST QUANTUM MINERALS (FQVLF)	2.92%
40	TECK RESOURCES (TECK)	0.80%
41	OIL
42	XLE	-0.08%
43	EXXON (XOM)	-0.66%
44	CHEVRON )CVX)	0.15%
45	OCCIDENTAL (OXY)	-0.83%
46	CONOCOPHILLIPS (COP)	-0.21%
47	MARATHON OIL (MRO)	-0.45%
48	HALLIBURTON (HAL)	0.57%
49	COAL
50	RANGE GLOBAL COAL (COAL)	0.36%
51	PEABODY ENERGY (BTU)	-1.22%
52	ALPHA METALLURGICAL (AMR)	-0.68%
53	ARCH RESOURCES (ARCH)	-0.62%
54	WARRIOR MET COAL (HCC)	-0.75%
55	URANIUM
56	GLOBAL X URANIUM (URA)	-0.82%
57	NICKEL
58	SPROTT NICKEL MINERS (NIKL)	-1.49%
59	RARE EARTHS
60	OPTICA RARE EARTHS (CRIT)	0.59%

Despite the near-perfect track record of downward revisions over the last 17 months, the market seemed buoyed today by a better than expected JOLTS print - which was juiced almost entirely by government jobs

Source: Bloomberg
And that was enough to send rate-cut expectations (dovishly) higher


Source: Bloomberg
Which pulled stocks and bonds higher in price...

Source: Bloomberg
In equity land, Nasdaq was the biggest gainer while Small Caps lagged

...as the energy-tech/AI pair continued to flip-flop (today's winner was tech over energy)...

Source: Bloomberg
TSLA had a big day, up almost 10% after beating expectations for deliveries (getting back towards unchanged for the year)...

Which helped lift the Mag7 to fresh record-er highs...

Source: Bloomberg
Treasury yields were lower across the curve with the belly outperforming (7Y -4bp[s, 2Y & 30Y -2bps)...

Source: Bloomberg
The dollar dived on the dovishness....

Source: Bloomberg
Gold traded sideways once again (despite the dollar weakness)...

Source: Bloomberg
Oil prices touched a new two-month highs before legging back down for the day with WTI holding around $83 into tonight's API data...

Source: Bloomberg
Having rallied back up to the scene of the Mt.Gox headline crime, Bitcoin slipped back lower today...

Source: Bloomberg
...despite 5 straight days of ETF inflows leading into this...

Source: Bloomberg
Finally, for the first time on over a year, macro-economic surprises have turned negative across every major region in the world...

Source: Bloomberg