Good afternoon. QQQ -1% while IWM +1.2% continues to outperform….Since the 11 trading days that have passed since the July 11th CPI print, the Russell has outperformed the Nasdaq by 19%, which is a 5.5 sigma move and the largest since 2000 and the Russell is nearly at parity with the Nasdaq on YTD performance (h/t Jefferies). What a turn of events. Lots of pain in H/F world out there with Jefferies saying: “Every single conversation I have with clients is that these have been the worst two weeks of the year, and these last two days especially have been the exclamation point of pain”….Could the Mega-cap earnings report next week and Jensen/Zuck on Monday reverse that? Unclear to me - we’ll see…
Quite an early morning swoon this morning with the QQQs dn 1.7% by 10am when NVDA was down 7% along with big moves down in other AI names. Many recovered most of the day but late afternoon swoon took a lot of names down again.
2 yr was flat and 10 year down 3bps. BTC - 2%
Let’s get to the recap…
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