Rate-Cut Hopes Resurrected As ‘Hard’ Data Slides: Stocks, Gold, Oil, & Crypto Dumped

A weird week of weak ‘hard data, strong ‘soft’ data (macro), weak micro (ugly hints for software and consumer from earnings), and dovish-and-hawkish FedSpeak…

Source: Bloomberg

Which prompted a resurgence in rate-cut hopes….

Source: Bloomberg

But today’s Chicago PMI puke dominates any in-line PCE print and dragged stocks lower on the week, led by weakness in Nasdaq as Small Caps were the leat ugly horse in the glue factory. The typical late Friday meltup painted some lipstick on the week’s pig…

For the CTA followers: The S&P tested below its short-term threshold at 5203 and found support (the Medium-term threshold for CTA sellers is consoderiably lower at 5002)…

On the month, all the majors were green with Nasdaq leading and The Dow lagging…

Energy and Utes outperformed while Tech stocks saw a notable 3% on the week…

Source: Bloomberg

MAG7 stocks ended the week lower overall…

Source: Bloomberg

Treasury yields were mixed on the week with 2Y and 5Y ending lower and the longer-end lagging…

Source: Bloomberg

Treasury yields were lower across the whole curve for the month with the belly outperforming…

Source: Bloomberg

The dollar managed gains on the week, having bounced off the week’s unch line today…

Source: Bloomberg

Gold ended lower on the week thanks to a post-PCE puke today…

Source: Bloomberg

For the 13th straight day, Bitcoin ETFs saw net inflows…

Source: Bloomberg

But the bitcoin price fell on the week, thanks to a big puke today, finding some support at $6,000…

Source: Bloomberg

Crude prices slipped lower again today, back into the red on the week…

Source: Bloomberg

Finally, one can’t help but feel that Gold’s recent resurgence – while real yields languish continue to drive lower…

Source: Bloomberg

… is the precious metal market anticipating more of the lawfare we saw yesterday as the Biden admin will “do whatever it takes” to not allow Trump to compete…

…as the ass-clownery continue.