* As I've said often before, this market has an uncanny knack of...

* As I've said often before, this market has an uncanny knack of blindsiding us over and over again, and overnight we saw a big selloff as market awakens to fears of recession as now bad news is bad news - ISM plunged below 50 and jobless claims rose.
https://x.com/unusual_whales/status/1819098548757320150
* NVIDIA plunged -6.67% (after hefty gains the night before), Meta +4.85% (on better numbers), AMD -8.28%, Broadcom -8.46%, MSFT -0.3%, AAPL -1.71% (+0.66% on better than expected results after hours), Amazon -1.56% (smashed by -5.63% after hours on lower revenue numbers), Qualcomm -9.37%
Nasdaq a long way down to its 200DMA
https://x.com/SuburbanDrone/status/1819066120231391611
* The selloff is likely to intensify if we get a weaker NFP (non farm payrolls tonight) and S&P500 broke through 50DMA and Nasdaq on the cusp of breaking 100DMA
https://x.com/FrancoisTrahan/status/1819021782877077589
* Notice too that the US 10yr yield has dipped below 4pc- the Fed rate cut is already fully baked in but the market has moved away from the Fed pivot to concerns if the Fed has been a little too late, with increasing view that the Sept rate cut could be 50bps
* Gold was the only commodity that stood steady as resource/material stocks were all largely sold down across the board; gold stocks are not Gold in times of selloff (as I frequently warned) - Gold at $2445, GDX and GDXJ at -1.74% and -2.73% respectively
* Silver and silver stocks were major casualty on the day, while WTI Crude fell to $77.31 and oil stocks plunged
* Uranium stocks were smashed -7.73% just as lithium stocks suffered a rather bad outing on a difficult day despite having been down more than most other resource stocks
* In after hours trade, Intel plummeted almost -20% as it suspended dividends and layoff 19,650 employees - this should seriously cause worry for the health of the semi industry (and the AI bubble)
* As I had cautioned you before, stay out of resource stocks as prospect of a recession would be very unkind to them; the supply deficit narrative won't hold water when the immediate fear is demand destruction.
* I believe this overnight action sets up for a tumultuous period for the markets over the remaining 5-7 months.

STAY SAFE, THE WINDOW IS CLOSING

P.S I won't have access to my PC only from Aug5-18 (during which any post if at all would be one liners on my mobile)

	Column 1	Column 2	Column 3
0	STOCK INDICES [US 1 Aug 24]	Overnight %
1	DOW	-1.21%	40,347
2	S&P500	-1.37%	5,446
3	NASDAQ	-2.29%	17,195
4	DXY	0.23%	104.34
5	US 2 YR	-4.20%	4.156
6	US 10 YR	-3.00%	3.982
7	AUD	0.02%	0.6499
8	GOLD	1.45%	$   2,446
9	SILVER	-1.67%	$   28.52
10	BTC	-0.12%	$    64,888
11
12
13	GOLD	Overnight %
14	GDX	-1.74%
15	GDXJ	-2.73%
16	NEWMONT GOLDCORP(NEM)	0.98%
17	BARRICK GOLD (GOLD)	-1.49%
18	AGNICO EAGLE MINES (AEM)	-1.40%
19	SILVER
20	SIL	-4.47%
21	SILJ	-4.99%
22	PAN AMERICAN SILVER(PAAS)	-3.79%
23	LITHIUM
24	SPROTT LITHIUM MINERS (LITP)	-3.96%
25	GLOBAL X LITHIUM (LIT)	-3.11%
26	ALBEMARLE (ALB)	-0.50%
27	SOQUIMICH (SQM)	-3.76%
28	LITHIUM AMERICAS (LAC)	-5.90%
29	PIEDMONT LITHIUM (PLL)	-7.34%
30	ARCADIUM LITHIUM	-4.40%
31	PATRIOT BATTERY METALS	-10.11%
32	COPPER
33	GLOBAL X COPPER MINERS(COPX)	-4.66%
34	BHP	-2.29%
35	RIO	-2.56%
36	SOUTHERN COPPER (SCCO)	-4.12%
37	FREEPORT MCMORAN (FCX)	-3.92%
38	FIRST QUANTUM MINERALS (FQVLF)	-4.60%
39	TECK RESOURCES (TECK)	-3.86%
40	OIL
41	XLE	-2.65%
42	EXXON (XOM)	-1.41%
43	CHEVRON )CVX)	-4.89%
44	OCCIDENTAL (OXY)	-2.37%
45	CONOCOPHILLIPS (COP)	-2.53%
46	MARATHON OIL (MRO)	-2.26%
47	HALLIBURTON (HAL)	-4.15%
48	COAL
49	RANGE GLOBAL COAL (COAL)	-3.04%
50	PEABODY ENERGY (BTU)	1.80%
51	ALPHA METALLURGICAL (AMR)	-5.71%
52	ARCH RESOURCES (ARCH)	-3.30%
53	WARRIOR MET COAL (HCC)	-6.14%
54	URANIUM
55	GLOBAL X URANIUM (URA)	-7.73%
56	NICKEL
57	SPROTT NICKEL MINERS (NIKL)	-2.25%
58	RARE EARTHS
59	OPTICA RARE EARTHS (CRIT)	-4.20%

Stocks & Bond Yields Puke Amid 'Most Volatile Earnings Season' Since GFC

by Zero Hedge
Friday, Aug 02, 2024 - 06:00 AM
...well that escalated quickly...
Bad (macro) news was bad news today as jobless claims surged, manufacturing surveys slumped, and construction spending tanked, sending rate-cut expectations higher...


Source: Bloomberg
...but apparently prompting growth-scare anxiety that punched US equity markets in the face.
Small Caps crashed 4%, Nasdaq 3% and The Dow and S&P down 2%...

This was the S&P 500's worst start to August since 2002.
The S&P broke back below its 50DMA...

...and the Nasdaq dumped back to its 100DMA...

Yesterday's short-squeeze on The Fed was eviscerated as 'most shorted' stocks crashed 8% from yesterday's highs...

Source: Bloomberg
Mag7 stocks lost $430BN in market cap today - a stunning swing from the 2.5% rally out of the gate thanks to META to then dropping almost 5% from the morning highs....

Source: Bloomberg
Semis were slaughtered today, erasing all of yesterday's bid surge and then some - dropping to their lowest since mid-May...

Source: Bloomberg
Treasury yields also plunged today - led by the short-end (2Y -9bps, 30Y -3bps) - dragging yields down around 20bps overall on the week so far...

Source: Bloomberg
Notably, the 10Y yield broke back below 4.00% for the first time since February...

Source: Bloomberg
The yield curve steepened dramatically...

Source: Bloomberg
Bitcoin was clubbed like a baby seal again, testing down to $62,000 before bouncing a little...

Source: Bloomberg
Oil tanked after WTI tested up near $79 on MidEast tensions...

Source: Bloomberg
Gold was relatively quiet today, finding support at $2440...

Source: Bloomberg
Finally, if it has felt like a volatile earnings season, that's because it is...in fact, as Goldman Sachs trader Brian Garrett noted earlier, this has been the most volatile earnings season since the financial crisis...

...by the end of this week we will largely be through earnings and onto a hopefully quiet August (and then the chaos of the lead-up to the election)...