The S&P 500 officially closed the day 2.3% lower, ending its longest streak without a 2%+ decline since 2007 >>> all good things come to and end. Copper also down for the 8th consecutive day, MAG 7 ETF down 6% (easily its worst day ever) >>> Gamma acts as a throttle for volatility, volatility serves as a toggle for equity exposure (vols down, systematic buyers come in every day, last few months.. >>> now sub 5500 SPX and 19500 QQQ, markets short gamma...market structure matters! >>> #NVDA below 50dma etc >>> as if the whole world shorted JPY to buy anything else, including metals and BTC ?..
Ex-NY Fed's Bill Dudley: "I’ve long been in the 'higher for longer' camp...The facts have changed, so I’ve changed my mind. The Fed should cut, preferably at next week’s policy-making meeting.", citing growth and inflation data is now much softer >>> if the FED does not cut in July, market could go on and price 50bps cut in Sep
Trump odds are below where they were after the debate…>>> Musk also backs down from $45mio a month pledge to Trump
Signs of a weakening consumer keep mounting. The latest: the share of credit card balances past due reached a series high in Philly Fed data back to 2012. Some 2.6% of credit card balances were 60 days past due in Q1, up from a low of 1.1% reached in 2021
Two of Silicon Valley’s famous venture capitalists make the case for backing Trump: that their ability to make money is the only value that matters.
#GOOG clearly admitted in their earnings report that that not seeing adequate current ROIC on AI capex, most likely are over-investing, and struggling to provide concrete examples of killer apps deployed worldwide, also emphasized that adoption of new technologies takes time.... >>> "AI is sucking all of the oxygen out of the room," Morgan Stanley CIO Mike Wilson tells Yahoo Finance, adding: "I see AI everywhere, except in the numbers. ... It hasn't really driven revenues and earnings anywhere."
Bank of Canada cuts 25bps, will cut further into year-end
Ford profitability skids on higher warranty costs, EV losses
U.S. will pay $1.14 trillion in interest payments on debt this year
U.S Credit Card Balances past due reach highest level in more than 12 years
Fact Check: Trump Claimed His Ear Began Regrowing Day After Assassination Attempt?
Bank of Canada cuts key interest rate again, more cuts 'reasonable' if inflation keeps easing (msn.com)
Javier Blas on X: "OPEC+ is the only cartel that trips twice over the very same Russian, Kazakh and Iraqi compensation plans for overproduction #OOTT Link to the compensation plans (all the way to September 2025): https://t.co/E85u2cZglh" / X
Copper falls below $9,000 level on China demand concerns - Markets - Business Recorder (brecorder.com)
meanwhile much better here at Renault sticks to 2024 outlook as first-half profit beats estimates - CNA (channelnewsasia.com)
Nestle Q1 preview: Nescafe maker to likely report 16% in PAT; margins seen to climb 200 bps (msn.com)
Elon Musk says he's not donating $45 million a month to Trump's campaign: 'Simply not true' (msn.com)
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