Premium'Deal Or No Deal': Markets Swing Wildly As Nukes & Nvidia Narratives Dominate
Tl;dr: A lot of sound but no fury... The usual sell-the-news action following NVDA's earnings (blockbuster) combined with the 'off-again, on-again' Iran peace deal (Iran wants to keep its uranium), WMT worries, and Quantum treats, triggered significant volatility in every asset class today. Initial moves reversed yesterday's price action but the afternoon brought relief ('final draft' of peace plan reportedly circulating). By the close, oil was down small, S&P/Nasdaq flat, gold, bitcoin, and the dollar flat with yields mixed (short-end lagging).
"Every f**king day the algos trigger chaos on completely unconfirmed reports that simply reiterate the same status quo," said one of the more pensive traders we know, and "it's f**king impossible to trade within any risk budget."