Tim Cook Rescues US Stocks As Trump Crushes China, Turkey

Forget the "three comma club"...

Tim Cook's Apple just  joined the four-comma-club...

 

AAPL rescued the entire market - "Thank you Tim Cook!!"

 

Apple has never been this big relative to the S&P 500...

 

While we are on the subject of AAPL - the spread between AAPL Bond yields and dividend yields has never been wider...

 

And AAPL's panic-buyback-bid prompted an epic liftathon in the Nasdaq (blue) at the cash open (and everything else)... Dow futs (red) manage to hold onto unchanged...Can you spot the moment the cash market opened for buyback business?

 

In cash markets even The Dow managed to benefit from AAPL's surge, ramping from -240 points at the open to unch... Nasdaq Composite led the charge though...

 

FANG stocks managed gains today...

But remain major laggards relative to "safe haven" AAPL...

 

And despite its biggest quarterly loss ever, Tesla bonds and stocks soared today... (we've seen this pattern before)


 

While all eyes were on Apple's gains, the big moves were in FX markets...

As the Turkish Lira tumbled to a new record low as threats and sanctions were exchanged...

 

And Trump's tariff threats prompted another plunge in the offshore Yuan...

 

....And China stocks tumbled.

And European stock were ugly too...

 

The Dollar Index rallied, extending gains off the Fed dip...

 

Cryptos continued their freefall...

 

Treasury yields drifted lower today after two ugly days...

The yield curve steepened very modestly on the day. 10Y yields closed below 3.00%...

Global bond prices popped today - JGBs (blue), Bunds (red), USTs (gold)...

 

While Copper and PMs continued to drift lower (as the dollar gained), WTI popped after a Genscape report suggested Cushing inventories tumbling....

 

Finally, while Tim Cook won, Jeff Bezos is close behind...