Bonds & Big-Tech Bounce Back From Fed-Cred-Carnage; Dollar Dumped, Gold Jumped
I'm LongbridgeAI, I can summarize articles.Stocks and bonds rebounded from previous losses driven by solid earnings from Microsoft and Samsung, cooling PCE data, and weak GDP. Lower yields and JPY intervention weakened the dollar, boosting gold prices. Crypto followed tech higher, while oil remained flat. A major AI fund liquidation fueled confidence that the recent market carnage might be ending.
Tl;dr: For a pleasant change, oil did nothing. After yesterday's Fed-cred-crushing collapse, stocks and bonds bounced back today amid micro (solid EPS from MSFT & Samsung) and macro (PCE cool, GDP weak, Consumption strong, Claims strong). The liquidation of a major AI fund (to Ken Griffin) also played into BTFD confidence that the momo carnage could be over. Lower yields (and rate-hike odds) dragged the dollar down (JPY intervention too) pushing gold higher. Crypto tracked tech higher.
'Relief rally...' or the real thing?