* Dow staged a +654pt comeback overnight to regain 40k at 40,589 as the market broadened helping industrial, healthcare, financials- a sea of green after a sea of red
https://x.com/unusual_whales/status/1816927527988056475
* NVIDIA +0.73%, MSFT +1.64%, AAPL +0.29%, AMD +1.23%, Meta +2.71%, Alphabet -0.17%, Amazon +1.5%
* Gold recovered although short of $2400, and most resource sectors was up on the day despite underlying commodity prices barely nudged
Column 1 Column 2 Column 3 0 STOCK INDICES [US 26 Jul 24] Overnight % 1 DOW 1.64% 40,589 2 S&P500 1.11% 5,459 3 NASDAQ 1.05% 17,361 4 DXY -0.03% 104.33 5 US 2 YR -0.04% 4.387 6 US 10 YR -0.15% 4.194 7 AUD 0.17% 0.6549 8 GOLD 0.95% $ 2,387 9 SILVER 0.27% $ 27.93 10 BTC 3.24% $ 67,934 11 12 13 GOLD Overnight % 14 GDX 0.79% 15 GDXJ 1.21% 16 NEWMONT GOLDCORP(NEM) 2.23% 17 BARRICK GOLD (GOLD) 0.40% 18 AGNICO EAGLE MINES (AEM) 0.49% 19 SILVER 20 SIL 0.30% 21 SILJ 1.26% 22 PAN AMERICAN SILVER(PAAS) 0.28% 23 LITHIUM 24 SPROTT LITHIUM MINERS (LITP) 0.25% 25 GLOBAL X LITHIUM (LIT) 1.56% 26 ALBEMARLE (ALB) 1.97% 27 SOQUIMICH (SQM) 2.35% 28 LITHIUM AMERICAS (LAC) 3.66% 29 PIEDMONT LITHIUM (PLL) 2.69% 30 ARCADIUM LITHIUM 3.32% 31 PATRIOT BATTERY METALS 2.99% 32 COPPER 33 GLOBAL X COPPER MINERS(COPX) 1.50% 34 BHP 1.07% 35 RIO 1.13% 36 SOUTHERN COPPER (SCCO) 1.04% 37 FREEPORT MCMORAN (FCX) 1.06% 38 FIRST QUANTUM MINERALS (FQVLF) -0.14% 39 TECK RESOURCES (TECK) 3.83% 40 OIL 41 XLE 0.28% 42 EXXON (XOM) -0.06% 43 CHEVRON )CVX) 0.24% 44 OCCIDENTAL (OXY) 0.02% 45 CONOCOPHILLIPS (COP) -0.14% 46 MARATHON OIL (MRO) -0.07% 47 HALLIBURTON (HAL) 0.70% 48 COAL 49 RANGE GLOBAL COAL (COAL) 0.92% 50 PEABODY ENERGY (BTU) 1.69% 51 ALPHA METALLURGICAL (AMR) 1.57% 52 ARCH RESOURCES (ARCH) 0.98% 53 WARRIOR MET COAL (HCC) 2.63% 54 URANIUM 55 GLOBAL X URANIUM (URA) 2.19% 56 NICKEL 57 SPROTT NICKEL MINERS (NIKL) 0.65% 58 RARE EARTHS 59 OPTICA RARE EARTHS (CRIT) 1.10%
Since peaking on July 10th, the market cap of the Magnificent 7 stocks has dropped a mind-numbering $2 trillion...
Source: Bloomberg
As another week goes by (the third in a row) with Small Caps (+3%) dramatically outperforming Nasdaq (-3%). The Dow ended the week green but S&P red (but closed above its 50DMA)...
That has crashed Nasdaq back into 'normal' range with the Russell for the last year...
Source: Bloomberg
And the biggest three week underperformance of Nasdaq vs Small Caps since the very peak of the DotCom bubble...
Source: Bloomberg
Treasuries have been broadly bid the last two days, with the long-end lagging (but managing to get back to unchanged on the week today) as the short-end yields tumbled...
Source: Bloomberg
This drove the yield curve (2s30s) to disinvert most sine July 2022...
Source: Bloomberg
Rate-cut expectations rose modestly on the week (focused fully in 2024 as 2025 remained flat)...
Source: Bloomberg
The dollar drifted very modestly higher in a very noisy trading
Source: Bloomberg
Gold ended the week slightly lower, bouncing back today...
Source: Bloomberg
Crypto markets were mixed this week with Bitcoin bouncing back strongly today, back up to $68,000...
Source: Bloomberg
...but ETH seeing 'sell the news' relative pressure since the ETFs launched...
Source: Bloomberg
Oil prices ended the week lower, chopping around back in a tight technical range it has found comfortable for months...
Source: Bloomberg
Finally, it's different this time... it's bigger....
Source: Bloomberg
...and remember, next week is the busiest of the summer - massive macro events (JOLTs, BOJ, Euro CPI, US ECI, FOMC, BOE, NFP), coupled with massive earnings announcements (40% of SPX market cap next week).
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* Dow staged a +654pt comeback overnight to regain 40k at 40,589...
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