Market Behaving Like Past Decade's Pattern Has Been Broken
Going back to 1950, this is currently the 9th longest stretch without the S&P 500 making a new all-time high. Source: Willie Delwiche
Investors added a net $535 million to IShares iBoxx High Yield corporate bond
This was the biggest one-day increase since June 2 and the third straight day of inflows, totaling $897.9 million. The fund's assets increased by 6.9% during that span. The fund has suffered net outflows of $543.4 million in the past year. Source: Bloomberg
Traders Think a July Hike Could Be the Fed’s Last
Odds of the Federal Reserve raising rates twice more this year look less likely after inflation promisingly cooled. A quarter-point hike at the upcoming July meeting remains Wall Street's base case. Source : wsj
Bankrupt Celsius Demands StakeHound Return $150M in Ethereum, Polygon and Polkadot
Bankrupt crypto lender Celsius has accused StakeHound of failing to hand back $150 million worth of various tokens which it had entrusted to the liquid staking platform. In a complaint filed as part of Celsius’s ongoing bankruptcy proceedings, lawyers also alleged that StakeHound had violated bankruptcy rules by commencing an arbitration proceeding against the business in Switzerland. At the heart of the case are $120 million worth of Ethereum (ETH), $30 million in Polygon (MATIC), and Polkadot (DOT) tokens worth $300,000, based on recent prices.
Source: Decrypt
SP500 top 10 weights - market cap vs. earnings contribution
Source: J.P.Morgan Asset Management
Larger Corporate Bankruptcy Filings, per Year through June
Bankruptcy filings by larger corporations in the first half of this year rose to the highest level since the same period in 2010, when they were coming down from the Financial Crisis Source: www.wolfstreet.com, WallStreetSilver
ECB Balance Sheet
ECB QT continues w/balance sheet shrank by another €12.8bn to €7,207bn, lowest since Mar2021. ECB's total assets now equal to 53% of Eurozone GDP vs Fed's 31%, SNB's 121%, and BOJ's 128%. Source: HolgerZ, Bloomberg
US 30 year Mortgage Rate
The US 30 year mortgage rate has hit a new decade high at 7.38%, up 23 bps since last week, per BankRate