Crude Crash Erases Stocks' "Catastrophe" Exuberance, Bonds & Bullion Surge

Did something change? The Dow just avoided its 6th day in a row of triple-digit moves...

 

Despite crude's overnight collapse to fresh lows, stocks stahed their usual pumpathon into the opening bell... but that was rapidly erased - along with all the gains post-Charlie Evans' "catastrophe" comment... not helped by Fed's Williams late-day confirmation that:

  • FED'S WILLIAMS SAYS JUNE RATE RISE `REASONABLE' AMID JOB GAINS
  • WILLIAMS SAYS U.S. LABOR MARKET CONTINUING `STRONG MOMENTUM'

 

On the day in the cash indices, Nasdaq and S&P underperformed...

 

Energy was today's biggest loser and Builders - thanks to another miracle squeeze - outpeformed...

 

And from the 'awesome jobs report'...

 

All managed by JPY (which massively roundtripped against the USD) mostly against the EUR...

 

As stocks begin to catch down to oil prices...

 

led by Energy stocks...

 

And Stocks retrace back lower towards bonds year-to-date reality...

 

Treasury yields hit fresh multi-year lows...

 

The USDollar gave back most of its gains during the US day session but closed higher...

 

Commodities saw mixed action with the dollar weakness during the US session supporting more strength in PMs (gold at one month highs) as oil prices cratered to fresh cycle lows...

 

With WTI closing at the lows of the day - with a $45 handle!!

 

Year-to-Date...

 

Charts: Bloomberg