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Zero Hedge
ZeroHedge
10 Jun 2024


NextImg:Bitcoin, Bullion, & Black Gold Bid As Stocks & Bonds Shrug Off EU Elections

US stocks shrugged off early weakness driven by the right-regime-shift in European elections, treading water on Monday, at least on the surface, following Friday's strong Payrolls report and ahead of a big macro Wednesday, featuring both the May CPI reading and the scheduled June FOMC meeting.

Small Caps had a wild day, swinging from considerable losses at the cash open to modest gains by the close. All the majors ended slightly higher on the day (with a new ATH for the S&P 500...

Goldman's trading desk notes that overall activity levels are up +13% vs. the trailing 2 weeks with market volumes down -11% vs the 10dma. Our floor tilts +2% better to buy, largely driven by LOs as they continue to show up on the bid in our flows

JPM's forecast of gloom ensured the new ATH...

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AAPL's big AI announcement at its WWDC was a bit of a flop...

Source: Bloomberg

For some context...

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MAG7 stocks went sideways again (admittedly at record highs)...

Source: Bloomberg

Treasury yields modestly extended Friday's payrolls spike higher with the long-end underperforming (30Y +4bps, 2Y unch on the day) which eft the yield curve (2s30s) unch from pre-payrolls...

Source: Bloomberg

The dollar ended marginally higher, but gave back most of the day's overnight gains during the US day session...

Source: Bloomberg

Despite the dollar's modest gains, gold recovered some of Friday's losses...

Source: Bloomberg

Bitcoin surged up above $70,000, but then was summarily slapped back down to unchanged...

Source: Bloomberg

Crude prices extended their most recent gains, with WTI rising to $78...

Source: Bloomberg

Finally, as we noted earlier, while the indices looks calm, under the surface things are not going great at all...

Source: Bloomberg

This is the biggest gap between the equal- and cap-weighted S&P indices since the peak in 2008/9.