Small Caps & Crypto Soar, Bonds Battered After Big Jobs Beat

US equity futures trod water overnight but once the massive jobs beat hit, everything ripped higher…  but (domestically focused) Small Caps were in a world of their own…

While S&P futs closed at a new high, today’s meltup in Small Caps sent it back to its highest in 3 weeks…

Erasing last week’s relative underperformance against Nasdaq…

On the week, Small Caps went from biggest loser  (-3% on Tuesday) to winner, winner, chicken dinner (+3.2% at futs close on Friday)…

Which breaks down first – bond yields or big-tech?

Source: Bloomberg

But as great as things were for Small Caps amid today’s desert of liquidity, the belly of the bond curve was a bloodbath (5Y ended the week +10bps while 30Y was -3bps)…

Source: Bloomberg

5Y yields are now at their highest since Feb 2020…

Source: Bloomberg

The Dollar rallied today after payrolls to end the week higher…

Source: Bloomberg

Bitcoin surged above $60k overnight and held gains during the day session…

Source: Bloomberg

And Ethereum exploded higher after battling with $2,000…

Source: Bloomberg

And that relative surge of ETH over BTC has erased the underperformance since early March…

Source: Bloomberg

Gold saw a big roundtrip on the week…

Oil chopped around all week (closed today) finding support at $60…

This seemed to sum things up rather well… again!

Finally, there’s this…

Source: Bloomberg

Because who needs jobs when the world’s central banks just keep printing…

Source: Bloomberg