Dollar & Bonds Bid As Stocks See One Of Quietest Days Of The Year

If "Leading Indicators" lead, then the stock market has a problem...

But stocks barely budged (lifted a little late on after Trump said talking with Dems about extending PPP)... Nasdaq outperformed (up 5 days in a row), Dow lagged with S&P and Small Caps scrambling to hold unchanged...

As stocks saw one of their quietest days of the year (range-wise)...

Source: Bloomberg

The Dow fell further below its 50DMA...

"Most Shorted" Stocks drifted lower today but again a narrow range...

Source: Bloomberg

The Virus Fear trade dropped notable (less fear) at the open but rallied (more fear) into the close...

Source: Bloomberg

But while stocks were quiet, the dollar jumped (cable weakness), this was its 2nd biggest daily jump in over 2 months...

Source: Bloomberg

And Treasuries were bid (with 10Y yields back below 70bps)...

Source: Bloomberg

HY Bonds drifted lower once again...

Source: Bloomberg

Gold ended the day lower amid some notable vol...

WTI rallied up to $39 today...

Bitcoin drifted lower but also in a narrow range...

Source: Bloomberg

Finally, the decoupling between the market and the economy has never been wider...

Source: Bloomberg

As Bloomberg notes, earnings dropped in the first quarter by 16%, the biggest decline since 2008, and are poised to fall again in the second quarter because of business disruptions tied to the coronavirus. Yet the S&P 500 has recovered most of its 34% plunge after setting a record in February.