Stocks Slide On Lowest Volume In 23 Years; Energy Up, Tech Down

Tl;dr: A quiet day with bond markets closed and despite a weekend full of energy-complex tension-escalating headlines, crude and product prices (esp. diesel) are up less than many expected. TSY futs suggested a small 1-2bp rise in the 10Y (and rate-hike odds inched higher on hawkish FedSpeak) as stocks diverged (DOW up, NDX down, chips chunder) on the lowest volumes in decades. Bitcoin & gold tumbled on the day (after weekend gains) as the dollar rallied to new cycle highs.

Goldman's Rich Privorotsky summed it up: "Hard to get too optimistic with energy unresolved, but stability may be enough. "

Energy