* It was a semis and mega tech bloodbath overnight in Nasdaq's...

* It was a semis and mega tech bloodbath overnight in Nasdaq's worst day since Dec 2022 on reports of greater US restrictions on exports of key tech components to China and Trump's comments on not defending Taiwan from China.
TSMC plunged -7.98% on Trump's signal, NVIDIA -6.62%, AMD -10.21%, Broadcom -7.91%, Tesla -3.14%, AAPL -2.53%, Meta -5.66%, MSFT -1.33%, Amazon -2.64%
https://x.com/unusual_whales/status/1813666085109190944
https://x.com/SuburbanDrone/status/1813609874544373905
BUT it was also the day Dow made an all time high 243pts
* While Dow put on +0.59%, the entire commodity space with exception of Oil was a sea of red; after being promising, Silver backtracked -3%, Gold was down a bit but gold stocks fell harder, lithium, copper and coal stocks hit hard.  
* And the VIX is spiking higher +9.78% to 14.48
* The market that is overdue for a correction is only waiting for a catalyst to trigger the fall, and just when the market got overly excited with the prospect of a Trump ascendancy, he had to say something that blindsided the market. As Michael Gayed said, Trump is not going to be positive for tech. It is ironical that as an anti-China hawk, what the ex-President is signaling a free pass for China into Taiwan, and JD Vance comment of "I don't care what happens to Ukraine" is also suggesting a US withdrawal from supporting Ukraine, a free pass for Russia.
* BREAKING NEWS- Biden has Covid, this may be the trigger for his withdrawal from the Presidential race. We shall see.

	Column 1	Column 2	Column 3
0	STOCK INDICES [US 17 Jul 24]	Overnight %
1	DOW	0.59%	41,198
2	S&P500	-1.39%	5,588
3	NASDAQ	-2.76%	17,997
4	DXY	-0.51%	103.73
5	US 2 YR	-0.16%	4.438
6	US 10 YR	-0.12%	4.157
7	AUD	0.02%	0.6729
8	GOLD	-0.41%	$   2,458
9	SILVER	-3.01%	$   30.30
10	BTC	-0.39%	$    64,443
11
12
13	GOLD	Overnight %
14	GDX	-2.14%
15	GDXJ	-3.12%
16	NEWMONT GOLDCORP(NEM)	-0.10%
17	BARRICK GOLD (GOLD)	-1.92%
18	AGNICO EAGLE MINES (AEM)	-1.32%
19	SILVER
20	SIL	-2.30%
21	SILJ	-2.85%
22	PAN AMERICAN SILVER(PAAS)	-2.52%
23	LITHIUM
24	SPROTT LITHIUM MINERS (LITP)	-3.35%
25	GLOBAL X LITHIUM (LIT)	-2.03%
26	ALBEMARLE (ALB)	-2.69%
27	SOQUIMICH (SQM)	-3.94%
28	LITHIUM AMERICAS (LAC)	-5.30%
29	PIEDMONT LITHIUM (PLL)	-4.16%
30	ARCADIUM LITHIUM	-0.81%
31	PATRIOT BATTERY METALS	-4.72%
32	COPPER
33	GLOBAL X COPPER MINERS(COPX)	-3.07%
34	BHP	-0.37%
35	RIO	-0.83%
36	SOUTHERN COPPER (SCCO)	-1.71%
37	FREEPORT MCMORAN (FCX)	-3.13%
38	FIRST QUANTUM MINERALS (FQVLF)	-3.01%
39	TECK RESOURCES (TECK)	-2.81%
40	OIL
41	XLE	1.00%
42	EXXON (XOM)	1.38%
43	CHEVRON )CVX)	2.19%
44	OCCIDENTAL (OXY)	1.66%
45	CONOCOPHILLIPS (COP)	0.77%
46	MARATHON OIL (MRO)	0.48%
47	HALLIBURTON (HAL)	1.11%
48	COAL
49	RANGE GLOBAL COAL (COAL)	-2.05%
50	PEABODY ENERGY (BTU)	-0.38%
51	ALPHA METALLURGICAL (AMR)	-2.48%
52	ARCH RESOURCES (ARCH)	-2.11%
53	WARRIOR MET COAL (HCC)	-1.86%
54	URANIUM
55	GLOBAL X URANIUM (URA)	-4.43%
56	NICKEL
57	SPROTT NICKEL MINERS (NIKL)	-1.49%
58	RARE EARTHS
59	OPTICA RARE EARTHS (CRIT)	-2.51%

Nasdaq Pukes To Worst Day In 19 Months, Bonds & Black Gold Bid

BY Zero Hedge
THURSDAY, JUL 18, 2024 - 06:00 AM

So much for the "broadening out of the rally" bullshit!
Semis were slammed - their biggest drop since the COVID lockdowns - as the market had trouble with weaker than expected 3Q guidance from European semi bellwether, ASML (and headline chatter of further crackdowns on chip exports to China)


Source: Bloomberg
The Nasdaq damn broke today as it suffered its biggest single-day drop since Dec 2022...

Source: Bloomberg
Small Caps actually had a down day today (though outperformed Nasdaq) as The Dow hit a new record high...

The last five days have seen Small Caps (Russell 2000) outperform Large Caps (Russell 1000) by the largest amount in history (going back to 1979)...

Source: Bloomberg
The Magnificent 7 stocks have lost a staggering $1.1 Trillion in market cap in the last five days...

Source: Bloomberg
But that's still a drop in ocean in context of how far they have come...

Source: Bloomberg
Under the hood, Goldman's trading desk noted that volumes +17% vs the trailing 20 days and can feel it flow-wise on the desk. S&P top of book tracking much higher as well +11%. Our floor is skewed much better for sale (-8%) with most moving their feet in TMT. Across Semis, we have seen significant supply most concentrated in AI winners. We have also seen supply across rideshare names (UBER, LYFT) + ADRs.

• LO activity concentrated in tech, followed by Hcare but slow elsewhere.
• HFs also moving their feet in tech, but also active across Consumer Discretionary on the buy side, vs selling Fins, and Hcare. Short ratios elevated across staples.

For context, in cumulative notional terms, the de-grossing activity over the past 5 sessions is the largest since Nov '22 and ranks in the 99th percentile on a 5-year lookback...

Dovish comments from Fed's Waller were largely ignored - though did provide some juice for the initial short squeeze on Small Caps at the cash open...

Source: Bloomberg
Treasuries were mixed today with the long-end very modestly outperforming overall (2Y +1bps, 30Y -1bps). Weakness overnight gave way to a strong bid during the US session as equities sold off...

Source: Bloomberg
Rate-cut expectations remained dovish with 2025 expectations rising today...

Source: Bloomberg
The dollar tumbled further below June Payrolls lows today, back near two-month lows...

Source: Bloomberg
Much of the dollar weakness was the further implosion of the yen carry trade (which strengthens the yen vs the dollar)...

Source: Bloomberg
Crude prices soared today, helped by a big inventory decline...

Source: Bloomberg
Bitcoin ETFs continued to see stronger inflows...

Source: Bloomberg
But bitcoin was weighed down modestly today by the overall tech turbulence (notably strong relative performance though)...

Source: Bloomberg
Gold dipped back from record highs but spot found support at $2450...

Source: Bloomberg