Mayday On May-Day - Stocks Slammed After Awesome April On China Threat, Dismal Data

Something's wrong...

After the best stock market gains in decades in April, May is off to an ugly start... with the biggest 2-day drop in since the March collapse

The week started out so well, but the last two days have seen all the gains given back with S&P, Dow, and Nasdaq all red on the week (but Small Caps managed to cling to some gains)

The Dow is down over 1300 points from yesterday's highs, and back below the 50% retrace line...

Small Caps are back below the Dec 2018 lows...

Source: Bloomberg

The virus-fear trade is back...

Source: Bloomberg

The last 3 days saw the worst performance of equal weight vs cap weight Nasdaq since 2008...

Source: Bloomberg

...back to its weakest level in over six weeks...

Source: Bloomberg

Today was the worst day for FANG stocks since March 16th after reaching a new record high yesterday (and the first down week in the last six)

Source: Bloomberg

AAPL had its 8th straight day of panic-buying at the open and selling... (after an ugly session overnight following earnings)...

AMZN hit a new record high at the close last night and has fallen ever since...

Energy stocks were clubbed like a baby seal today, despite oil price gains...

Source: Bloomberg

Everyone was loving bank stocks until The Fed...

Source: Bloomberg

The most virus-impacted sectors reverted back lower the last two days...

Source: Bloomberg

An ugly end to the week for both IG and HY credit...

Source: Bloomberg

Mixed picture in Treasury-land this week with the short-end lower in yield and long-end higher (somewhat understandable after Boeing's massive issuance)

Source: Bloomberg

10Y remains in a tight range...

Source: Bloomberg

The yields curve also remains range-bound, glued to the 50% retracement of the March steepening...

Source: Bloomberg

 

 

 

 

Just as we saw at the end of March, start of April, the USDollar has reversed its downtrend and rallied hard today...

Source: Bloomberg

Offshore yuan was monkeyhammered today - after Trump comments on pulling capital allocations - leading to its worst week since March

Source: Bloomberg

Big week for cryptos with Bitcoin leading the way...

Source: Bloomberg

Bitcoin tested back up to $9,500 this week...

Source: Bloomberg

A big mean reversion week...

Source: Bloomberg

Spot the odd one out in commodity land...

Source: Bloomberg

WTI Crude (June) has bounced back to its cliff-edge this week, unable to break above $20...

Gold was lower on the week, hovering around the $1700 (futures) level...

Similarly, Silver is strangely attracted to $15...

Finally, spot the odd one out...

Source: Bloomberg