The year's best performing major index was its biggest loser this week. Trannies tumbled almost 4% - the worst week in 22 months. The rest of the indices fell 2-3% with the Russell 2000 down 4 weeks in a row for the first time since November 2011. Dow ends -0.5% and Russell -4% for 2014. Away from stocks, Treasury yields collapsed today erasing most of the post-GDP losses and ending the week only 3-5bps wider at the long-end and 1.5bps lower at the front-end. 10Y closed under 2.5%. The USD Index mirrored bonds, surging on GDP and then plunging today to end the week up 0.35%. Gold and silver oddly decoupled today (silver lower) ending week down 1% and 2% respectively on the week. Ugly week for WTI crude, ending under $98 (Feb lows) down 4.4%. High-yield credit spreads rose 9.7% (to over 350bps - worst since Nov 2013) for the worst non-roll week since May 2012.
Equities actually held gains post payrolls...
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But end the week notably lower... Worst Dow Friday in 12 weeks...
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Builders have tumbled to 9 month lows...
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Equities caught down to credit's post MH17 warnings this week...
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Big roundtrip for Treasury yields this week...
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FX roundtripped too as GDP gains gave way to Jobs losses... still up 0.35% on the week...
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Gold and Silver oddly decoupled today...
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But oil prices tumbled the most - down 4.3% - the biggest drop in 7 months...
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Charts: Bloomberg
Bonus Chart: High-Yield is flashing bright red...
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Bonus Bonus Chart: Camera-on-a-stick down 15%...
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