Trump wins… again…
China was dead flat overnight…
DAX was weak following headlines around 25% auto tariffs…
While Trannies led the day, Nasdaq did its best to show that everything is still awesome…and then EU trade concesssions deal headlines sent traders into a buying panic, sending US stocks soaring…
The S&P 500 surged up towards January’s highs…
The Dow ripped to its highest since early March…
Facebook was the big driver for Nasdaq (ahead of earnings)…
VIX tumbled back to an 11 handle.
And FANG Stocks loved it…
US Auto stocks tumbled to 13-month lows (before bouncing after some senators unveiled an auto tariff delay bill and concessions from EU)…
Homebuilder stocks tumbled after yet more dismal data…
A Stellar 5Y auction provided more support for bonds which were also bid on the day but traded in a very narrow range… (chart below includes Friday’s spike for context)
In the last few minutes of the day, EU concession headlines sparked selling in bonds…
The yield curve continued yesterday’s flattening…
The dollar extended its losses post-Trump to two-week lows…
Euro rallied on the EU concessions headlines…
The Yuan had its best day in 4 months, closing back above the Yuan fix for the first time in weeks…
Emerging Market FX had its best day in July, rising to its highest close in 6 weeks…
Cryptos weakened broadly on the day, but remain positive on the week..
And Bitcoin is holding above $8000…
Commodities were broadly higher with Copper (more china easing) and crude (inventories) leading the way…
Copper is back at 3-week highs (amazing what a bit of China easing will do)…
Crude found resistance at 2-week highs but closed green after a bigger than expected draw…
via RSS https://ift.tt/2uZNt5c Tyler Durden