It seems yesterday's decoupling (stocks up, and everything else risk-off) has unwound today as equity markets were broadly weaker. The Dow and S&P traded in a very narrow range on the day closing slightly negative and breaking the 6-day winning streak. Nasdaq and Russell underperformed notably as "most shorted" stocks appeared to gain some momentum to the downside once again (ahead of tonight's AAPL/FB results) as high-beta caught down to low-beta today. Away from the oddly decoupled equity markets, Gold, silver and copper all closed unch to modestly higher as WTI crude prces dropped further (to $101.50). The USD rallied off European open weakness to end unchanged for the week (with notable AUD weakness overnight). Treasuries rallied with 30Y outperforming once again and the yield curve flattening to fresh 5 year lows. Credit markets continues to push wider and are not sustaining any of the exuberance remaining in the S&P.
High-beta caught down to low-beta on the week
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On the day, growth stocks tumbled but remain up nicely on the week - apart from AMZN
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As multiple sectors unwind the week's gains
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Treasuries rallied all day with the long-end outperforming...
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and the yield curve flattening to fresh 5 year lows...
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Overnight AUD weakness removed it from the carry pair of choice today and lifted the USD back to unchanged on the week...
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PMs seemed dead...
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Credit markets continues to slide...
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Charts: Bloomberg