Bonds Battered By Big Tech Issuance, Black Gold Bounce; Stocks Keep Sliding As Credit Reveals Reality

Tl;dr: Today's market was brought to you by the letter 'M' and the number '57': driven by Macro (Warsh unwaivering, claims at 57 year lows and productivity strong), Mullahs (Iran deal details), Memory (SNDK, DDOG), More Major bond issuance (GOOGL), Memes (sold as retail turns defensive), Momentum (gains but stalled).... Oil's spike (Iran deal very restrictive thru Strait) dragged yields higher (not helped by yuuge GOOGL issuance), and weighed on stocks overall. The dollar was bid as rate-hike odds picked up, gold and bitcoin flat-to-down.

Mmmmm...

Oil