For the 5th day in a row, US equities have levitated in the pre-open and faded away quickly soon after. Today is different though in 2 ways: the pump was de minimus and the dump is early. It seems the initial claims good news is indeed bad news for stock investors. Treasuries continue to bear flatten once again as 30Y is rallying and 5Y selling off further; gold is steady at around $1300 and the USD is rallying modestly. Copper and oil prices are rising. European stocks are also faltering with DAX giving up all its early gains.
The S&P is experiencing deja deja deja deja deja vu...
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And European stocks are fading fast on the better than expected claims data in the US...
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Commodities are rising in the last hour with copper and oil having had the best morning so far...
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Charts: Bloomberg