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
The last 10 minutes of trading on Wall Street today...
Source. Markets & Mayhem
A tectonic shift in Predict Presidential elections odds
Source: Predict It
A very important chart which goes AGAINST hard landing scenario
"The source of the rise in the us unemployment rate is not job cuts but a rise in labor supply because of rising immigration. That is the reason why the Sahm rule doesn’t work. The Sahm rule was designed for a decline in labor demand, not a rise in immigration." - Torsten Slok (Apollo) Source: Mike Z. on X
Coincidence or not?
Source: Bastien Chenivesse, Bloomberg
