Home Nasdaq Nasdaq Extends Worst Start To A Year Since 2009 As Fed Sends...

Nasdaq Extends Worst Start To A Year Since 2009 As Fed Sends Rate-Hike Odds Soaring

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All major US equity indices are now lower on the year with the Nasdaq Composite the worst-performer (and The Dow the least bad horse in the glue factory)…

http://www.zerohedge.com/

In the last 30 years, only 2009 saw a worst start to the year for the Nasdaq Composite…

http://www.zerohedge.com/

Source: Bloomberg

On the week, Nasdaq ripped higher today to get back to even on the week, Small Caps and The Dow were the week’s laggards…

http://www.zerohedge.com/

Today’s squeeze bounce came off Monday’s lows for the “most shorted” stocks…

http://www.zerohedge.com/

Source: Bloomberg

Nasdaq bounce today was AGAIN perfectly off the 200DMA (and The Dow fell back below its 50DMA)…

http://www.zerohedge.com/

Banks were battered today – after their big run-up this year – with JPM suffering its biggest post-earnings decline in at least 20 years and Goldman, JPMorgan, and Morgan Stanley all dropping into the red for the year. Meanwhile, WFC is up almost 20% YTD!…

http://www.zerohedge.com/

Source: Bloomberg

The longest-duration, hyper-growth and non-profitable tech companies crashed further this week, now down a shocking 49% from its record highs in Feb 2021 (down 7 of the last 9 weeks)…

http://www.zerohedge.com/

Source: Bloomberg

Defensives and Cyclicals both ended down just short of 1% on the week with Cyclicals playing the high vol ride…

http://www.zerohedge.com/

Source: Bloomberg

Growth underperformed on the week, but Value stocks were also lower by the close…

http://www.zerohedge.com/

Source: Bloomberg

Yields were mixed this week with the long-end outperforming (managing to end the week very, very marginally lower), while the short-end was smashed 10bps higher…

http://www.zerohedge.com/

Source: Bloomberg

Today saw a pretty good puke across the whole curve with 30Y Yields up 8bps, back to unch on the week…

http://www.zerohedge.com/

Source: Bloomberg

The yield curve tumbled further this week, now flatter on the year

http://www.zerohedge.com/

Source: Bloomberg

Rate-hike odds surged today (despite the bad news is good news narrative) after Jamie Dimon suggested – with no supporting evidence that The Fed could hike 6 or 7 times this year – with the market now implying a 75% chance of a 4th rate-hike by the end of the year…

http://www.zerohedge.com/

Source: Bloomberg

This is what it looks like when doves die…

Despite a decent bounce today, the dollar dropped this week – now its worst start to a year since 2018…

http://www.zerohedge.com/

Source: Bloomberg

Cryptos had another choppy week but ended higher with BTC and ETH up around 3% on the week…

http://www.zerohedge.com/

Source: Bloomberg

Bitcoin is about to “suffer” a ‘death cross’ (the 50DMA crossing below the 200DMA). While very scary for some, we note that the last ‘death cross’ marked the lows in June 2021…

Source: Bloomberg

Gold is up for the 4th week of the last 5 and had its biggest week in 2 months…

http://www.zerohedge.com/

Oil prices surged this week with WTI topping $84 – back to October highs. Oil is up 5 of the last 6 weeks…

http://www.zerohedge.com/

NatGas pumped and dumped this week…

http://www.zerohedge.com/

Finally, US Macro Surprise data tumbled into the red today after ugly retail sales and industrial production data (and UMich sentiment)…

http://www.zerohedge.com/

Source: Bloomberg

And in turn that dragged down Q4 GDP expectations…

http://www.zerohedge.com/

Source: Bloomberg

And all of that is happening as The Fed jawbones 4, 5, 6 , 7 rate-hikes and QT this year.

And the market is not expecting The Fed to go all the way here, implying rate-trajectory-inflection between 2 and 3 years (this spread was +75bps in March 2021 – implying 3 rate-hikes in 2024)…

http://www.zerohedge.com/

Source: Bloomberg

A Fed faux-pas is coming…

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