'Bad News' Battered Bonds, Bitcoin, Big-Tech, & Banks On The Week; Copper & Crude Rip


An ugly US Trade week on the macro side - hotter than expected inflation, slower than expected growth, weaker than expected labor market data...

...but the inflation issues sent rate-cut expectations reeling (now less than 3 cuts priced in for 2024)...

Source: Bloomberg

And as rate-cut expectations fell, Treasury yields rose... non-stop... all week with the belly of the curve under performing (10Y yields up 23bps on the week to now well over 4.3%)...

Despite big net inflows this week...

Source: Bloomberg

...bitcoin ended the week only marginally higher (up around 3%), with choppy moves (day-session dips bought overnight), but ended back above USD$70,000...

Still there were some bright spots...

Crude surged on the week, breaking out of its range to its highest since early November...

Source: Bloomberg

...but it was copper that really regained its legs, surging up to its highest since Feb 2023...

Source: Bloomberg

Finally, was last week's 'stalling' in NVDA 'the top'?

Source: Bloomberg

How ironic would it be if we saw peak AI just as Jensen (Huang CEO of NVDA) unveils his latest and greatest at GTC (AI conference) on Monday?

Happy Monday!

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