Dollar & Bonds Bid As Stocks See One Of Quietest Days Of The Year

If “Leading Indicators” lead, then the stock market has a problem…

But stocks barely budged (lifted a little late on after Trump said talking with Dems about extending PPP)… Nasdaq outperformed (up 5 days in a row), Dow lagged with S&P and Small Caps scrambling to hold unchanged…

As stocks saw one of their quietest days of the year (range-wise)…

Source: Bloomberg

The Dow fell further below its 50DMA…

“Most Shorted” Stocks drifted lower today but again a narrow range…

Source: Bloomberg

But while stocks were quiet, the dollar jumped (cable weakness), this was its 2nd biggest daily jump in over 2 months…

Source: Bloomberg

And Treasuries were bid (with 10Y yields back below 70bps)…

Source: Bloomberg

HY Bonds drifted lower once again…

Source: Bloomberg

Gold ended the day lower amid some notable vol…

WTI rallied up to $39 today…

Bitcoin drifted lower but also in a narrow range…

Source: Bloomberg

Finally, the decoupling between the market and the economy has never been wider…

Source: Bloomberg

As Bloomberg notes, earnings dropped in the first quarter by 16%, the biggest decline since 2008, and are poised to fall again in the second quarter because of business disruptions tied to the coronavirus. Yet the S&P 500 has recovered most of its 34% plunge after setting a record in February.

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