Premium"Vicious Moves": Momo Meltdown As SaaSpocalypse Spreads; Power Producers Nuked
Tl:dr: Macro mixed (strong Services PMI, weak ADP). Asia and Europe pain from catch-down to US Software selling. US Tech was wrecked again with the software selling spreading across the whole stack (AMD didn't help). Momo massacred. Growth stocks ugly. Energy and Materials bid. IPP/Nuclear slammed. Crude ripped and dipped (smaller inventory build and reignited and then distinguished Iran tensions). Dollar spiked (Bessent comments). Gold dumped back below $5000. Bitcoin bloodbath'd.
Quick reminder, this all started Thursday morning when Trump picked Warsh as his nominee for next Fed Chair...