The S&P 500 officially posted its best day since November 2022.
Source: Bloomberg, The Kobeissi Letter
Stock market corrections are a common occurrence: Since 1928, the S&P 500 has experienced a decline of 5% or more in 94% of years.
A correction of 10% or more happened in 61 out of the last 96 years. A larger drawdown of 15%+ was seen in 40% of the years in the 1928-2023 timeframe. Finally, a bear market with a 20% drop or more took place in 25 out of the last 96 years. Stock market pullbacks are normal. Source: Ritholtz Financial, The Kobeissi Letter
US bond vigilantes managed to turn the stockmarket around.
Investors shunned a $42bn auction of benchmark 10-year US securities, which drew a yield that was well above the pre-sale indicative level. That horrible bond auction pushed stocks lower. Source: Bloomberg, @johnauthers, HolgerZ
Liquidity has been deteriorating in August, which is known to be the largest month of the year for outflows.
Source: David Marlin, Soc Gen
Super Micro Computer stock, $SMCI, just swung from UP +20% to DOWN -20% in 24 hours.
The stock rose to an after hours high of $729.00 yesterday and is trading at $486.00 in after hours today. $SMCI is now down 60% from its high seen just 5 months ago. Source: The Kobeissi Letter
Modi's budget could send Indian stocks higher
Source: Bloomberg 3 July 2024
Coincidence or not?
Source: Bastien Chenivesse, Bloomberg
It seems that many companies are in desperate need for rate cuts...
Source: Bloomberg
