Premium'All Greed-No Fear' With Bonds & Stocks Bid On Cool CPI, Surging Semis; Lowest Range Day Of The Year
Tl;dr: VIX tumbled to a 14 handle today (YTD lows - No Fear) as Call skews hover near multi-year highs (All Greed) but equity strength is 'mixed' with the 'AI everything' narrative fragmenting (MegaCaps continue to slide, Memory moar higher). Rate-hike odds and bond yields fell today (cooling CPI) along with lower oil prices (no serious escalation in Iran overnight). The dollar whipsawed wildly intraday... as did bitcoin.. while gold tested new cycle highs.
As Goldman's Stuart Jenkins noted: "it is striking that the last two months of CPI data has produced more contained market reactions than payrolls data has."