The White House after Trump’s comments…
Overnight headlines were dominated by China’s currency collapse…Offshore Yuan plunged to almost 6.81/USD…
And that weighed on Chinese stocks…
European stocks were mixed with DAX underperforming as Auto tariff talk reared its ugly head again…
Trannies were panic-bid after Trump’s comments but Dow, S&P, Nasdaq all closed lower…
Nasdaq’s first back-to-back loss in July…
Dow breaks 5-day win streak.
Biggest drop in FANGs since July 3rd…All FANG stocks red today…
NFLX back below its 50DMA…
Bank stocks faded today…
Bonds and stocks remain notably decoupled…
Treasury yields tumbled back to almost unchanged on the week today…
10Y yields fell just over 2bps on the day – still the biggest drop since July 3rd.
This is the 21st session in a row that 10Y yields are closing in the 2.80s.
The yield curve flattened once again…
The big headlines were made by President Trump’s comments on higher rates and The Fed, which slammed the dollar lower – only to be rescued by The White House…
If President Trump really wants a weaker dollar, start doing more terrible stuff and lower your approval rating…
Cryptos were mixed with Bitcoin higher and Ethereum lower…
Gold bounced intraday as the dollar dumped on Trump’s Fed tantrum…
But Gold ended the day lower…
But WTI bounced on Saudi comments…
Finally, we note that the price of crash protection for the stock market is soaring…
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