ANDIKA BULLETin 2 AUG 2024

Well that escalated quickly...

Bad (macro) news was bad news overnight as jobless claims surged, manufacturing surveys slumped, and construction spending tanked, sending rate-cut expectations higher...

...but apparently prompting growth-scare anxiety that punched US equity markets hard in the face.

Nasdaq 3% and The Dow and S&P down 2%...

Setting up the ASX200 to tank around 161 points on the open later today.

Mag7 stocks lost $430BN in market cap overnight - a stunning swing from the 2.5% rally out of the gate thanks to META to then dropping almost 5% from the morning highs....

Semis were slaughtered today, erasing all of yesterday's bid surge and then some - dropping to their lowest since mid-May...

the 10Y yield broke back below 4.00% for the first time since February...

Bitcoin was clubbed like a baby seal again, testing down to $62,000 before bouncing back to $64,445

Finally, if it has felt like a volatile earnings season, that's because it is...in fact, as Goldman Sachs trader Brian Garrett noted earlier, this has been the most volatile earnings season since the financial crisis...

...by the end of this week we will largely be through earnings and onto a hopefully quiet August (and then the chaos of the lead-up to the election)...

Have a good weekend!

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