Bad news for Trump, Rotten Macro, Worse Micro, But Biden Batters Big Tech Caps as Bitcoin, Bonds & Bullion Rip


Before getting into the overnight reports this just in...

Former President Donald Trump has been found guilty on all 34 counts in his New York 'hush money' trial. The outcome makes him the first former president to become a convicted felon.

Trump responds:

"This is a rigged, disgraceful trial," Trump said in response, adding "The real verdict will be on November 5."

Trump is certain to appeal the verdict, which could take months or even years - however Democrats now have their 'Felon Trump' talking point which they think will help Joe Biden come November. 

I think his Son, Donald Trump Jr sums up the verdict best.

Source: X

So to the overnight mkts: In a word it was 'mixed!'

GDP's secondary print showed weaker consumption and a slight decline in growth and PCE from the primary print (bad is good). Then the 4-week moving average of jobless claims printed at 8 month highs (bad is good). And then Pending Home Sales puked hard (bad is good).

But all that 'bad is good' was dominated by the 'bad is bad' from earnings narratives around software (Salesforce CRM) and the consumer (Kohls Corp KSS).

Late in the day this HeadLine scrolled across news feed: - *US IS REINING IN AI CHIP SALES TO MIDDLE EAST BY NVIDIA, AMD - and NVDA tanked...down nearly 4% overnight

So the US Mkts took another hit down...

Source: Market Watch

So the USD and Oil were down while Gold and Bitcoin were up.

So that's about it folks. Big news it seems is outside the mkts so have a good weekend and take it easy!

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