'Much Ado About Nothing': Nasdaq Ends April Higher Despite 'End Of US Exceptionalism'

A choppy end to a choppy month as the Nasdaq looks set to close the month of April down basically unchanged, which hardly tells the rollercoaster ride that traders experienced over the last 1-month: a 16% peak to trough drawdown in the first week of the month, followed by a ~18% rally the last few weeks… only to ‘fail’ at the 50-dma yesterday.

But the last few minutes of today saw stocks melt-up and the Nasdaq tagged its 50DMA (and green for April)

So we've got bonds, oil, and copper all screaming 'recession', US inflation data dropping fast... and stocks soaring as rate-cut expectations jump higher... in other words we are back to 'bad news is good news (for stocks)'.