US Stocks Drop As 'Soft' Data Slumps, Trump's 'Wealth' Pumps'n'Dumps


ASX 200 Futs down 19

More 'Good' Cop 'Bad' Cop data overnight.

'Soft' data slumped OvernightConsumer confidence crumbled and there was a regional Fed rout - Philly Fed Services was really ugly, Richmond Fed Manufacturing was ugly, and Texas Services was negative for the 22nd straight month... 'hard' data improved with durable goods orders rebounding and home prices accelerated once again (but that is offset by a decline in core shipments, which will weigh on GDP)...

The US stock market initially loved it either way - bad was good and good was good - but the majors could not hold on to their overnight highs and late-day sell programs took all the majors red on the day...

Source: MarketWatch

Surprisingly that's the 3rd down day for the S&P 500 in a row.

USD and Bitcoin ended practically unchanged, while Gold surge up to USD$2,200 before giving most of the gain back!

and this is truly astonishing. Trump Media & Technology Group (DJT) rocketed higher today... only to be dumped late on, erasing half of the day's gains...

Source: Bloomberg

...with the company with barely any revenues now worth almost USD$10BN at its peak today, according to Bloomberg data...

Source: Bloomberg

...and Trump owns 69% of it (but is unable to sell... yet).

Happy Wednesday!

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