* Dow staged a +654pt comeback overnight to regain 40k at 40,589...

* 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).