US Stocks dropped for the third day in a row today (longest streak since early Sept) with the S&P's worst loss in seven weeks. It seems equity market bulls finally noticed the recent explosion in rates.
The US 10yr for example now yields 4.24% and there is now a market-wide rethink of rate-cut expectations (lower/hawkish), especially for next year...
...and that all weighed on US stocks bigly today. There was a small comeback after The Beige Book signalled some dovishness, but Nasdaq was the day's biggest loser (down over 2% at one point)...
Source: Mkt Watch
All seven of the Mag7 stocks were down overnight - that is the first time that's happened since Sept 6th...
Source: Bloomberg
Crypto was clubbed like a baby seal also, with Bitcoin fading back towards USD$65,500
Finally, prediction markets continue to trend in Trump's direction..
Source: Bloomberg
...and even the polls are starting to move in his favour because there's only so much 'cheat' margin to play with, right?
Happy Thursday!
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Andy is the founder of ANDIKA Pty Ltd, a licensed securities & derivatives dealer. He's the author of fiction and non-fiction books and has been a University lecturer on risk and investment.
