The high-beta honeys were not amused (despite another melt-up in NFLX into earnings) as the Russell 2000 underperformed (-0.25% on the day). The Dow and S&P ended practically unch, Nasdaq bid (helped by AAPL ahead of the product news tomorrow) and Trannies closed their highs of the day exuberating all the way... Treasury yields rose 2-3bps (steepening). FX was quiet with the USD very slightly higher (helped by JPY weakness) but AUDJPY was in charge of S&P 500 trading today. Oil dropped 1.6% closing back under $100 (first time in over 3 months) and Silver rallied 1.3%. Hedgers were active (6though clearly the selling was limited) as credit spreads and volatility markets saw protection buyers active.
Equity indices were quite notably divergent today...
But it was clear that macro overlays were being laid out once again in credit...
and in VIX...
Bonds quietly limped higher in yield but FX markets were dead...
with only AUDJPY (JPY weakness dominant) leading stocks...
Charts: Bloomberg
Bonus Chart: Apple catches up to Gold ahead of tomorrow's product announcement
