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Stocks Dump’n’Pump To Record Highs As Real Yields Hit New Record Lows

Stocks Dump’n’Pump To Record Highs As Real Yields Hit New Record Lows

Stocks tanked in the pre-market with small caps down over 1% before Factory Orders printed at 10amET (better than expected but entirely decoupled from ISM)…

Source: Bloomberg

…and everything took off. Dow and S&P outperformed (S&P Record Highs) while Small Caps lagged but all were green on the day

…because this proves the recovery is real, right?

China made headlines with a (since removed) op-ed reference to video games being “spiritual opium” and “electronic drugs”, sending various gaming stocks significantly lower (and getting no bounce on the retraction)…

 

And then there was HOOD, which exploded over 20% higher, soaring above its IPO-day highs…

Treasury yields ended the day unchanged to very modestly lower after being bid in Europe and sold after Europe closed…

Source: Bloomberg

10Y yields dropped to 1.15% again intraday…

Source: Bloomberg

Real yields plunged to yet another new record (negative) low…

Source: Bloomberg

Tumbling real yields also suggest Russell 2000 will continue to underperform Nasdaq 100…

Source: Bloomberg

Cryptos were sold today extending losses from Friday for Bitcoin and erasing much of Ether’s gains…

Source: Bloomberg

The dollar had another sideways rangebound day with overnight selling and US session buying again…

Source: Bloomberg

Oil prices tumbled again today, despite the stronger than expected Factory Orders data, with WTI texting a $69 handle ahead of tonight’s API inventory data)…

Gold was also lower today but well north of $1800 still…

Finally, the amount of global negative-yielding debt topped $16.5 trillion again today…

Source: Bloomberg

And we note that stagflation anxiety is growing extremely rapidly…

Source: Bloomberg

Tyler Durden
Tue, 08/03/2021 – 16:00

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