Blood In The Streets: Tech Wrecks, Bonds Battered, & Crude Catapults In July Jolt

Tl;dr: July was defined by the sharp re-escalation of the US-Iran conflict and renewed disruption risks in the Strait of Hormuz. This drove extreme oil volatility, lifted inflation expectations and bond yields, and pressured equity markets - particularly tech/momo - as central banks held rates steady while raising uncertainty on the path forward.

Despite a hopeful bounce to end the month (was Leopold the only one 4x levered balls-deep?), it was a bloodbath for most assets... Nasdaq's worst July in 22 years, bonds' biggest July yield-spike since 2005... oil's biggest July jump in over 30 years.

Oil