The number of S&P500 stocks that now have negative beta to the market is at the highest level since 2000 / 2001
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Over $650 BILLION has been wiped out from Asian stocks as semiconductor and tech stocks sell off across Asian markets. 🇰🇷 South Korea's KOSPI -5.5%, wiping out ₩279.7T ($186B). 🇯🇵 Japan's NIKKEI -3.1%, wiping out ¥36.7T ($232B). 🇨🇳 China's SSE -2%, wiping out ¥1.29T ($180B). 🇹🇼 Taiwan's stock market -1.5%, wiping out NT$1.80T ($55B). Source: Bull Theory
The US diesel crack spread — the margin between crude oil and diesel — just hit a record $102/barrel, setting new highs in five of the last six sessions. Why it matters: ⛽ US diesel inventories are at their lowest seasonal level since 1996. 🏭 Global refinery output is down ~5 million barrels/day YoY amid disruptions linked to Iran and Ukraine. 🇷🇺 Russia has restricted diesel exports through January. 🚜 And Northern Hemisphere harvest season is starting — exactly when diesel demand from agriculture rises. Most investors watch crude oil. But diesel is arguably more important for the real economy. Trucks, tractors, ships and heavy machinery depend on it. One study estimates diesel prices explain 46% of trucking costs. Higher diesel → higher freight costs → higher food and goods prices. And with producer prices already rising faster than consumer prices, some of those costs could still be waiting to reach consumers. Oil may drive the headlines. Diesel could be the one driving inflation higher. Source: Hedgie
Many investors might still underestimate the sheer scale of debt issuance coming from Big Tech. At the current pace, hyperscalers could become as significant in the investment-grade bond market as the largest global banks within just a few years. The AI infrastructure boom isn’t just reshaping technology. It’s reshaping credit markets too. Source: BofA, Tracy Alloway

