#sp500endsweeklywinstreak
⚠️
US equities snapped a multi-week winning streak, posting their first weekly loss since late July.
The 30-year Treasury yield pushed above 5.3% at one point, its highest since 2007, before the US Treasury's expanded buyback plan briefly pulled yields lower on Wednesday.
Meanwhile, Brent crude climbed toward $94 per barrel and WTI topped $87, up for a 2nd straight week, as US-Iran diplomacy deteriorated and refined product markets tightened further.
At the same time, crack spreads, the difference between crude oil prices and the refined products made from it, hit record highs, as diesel and other refined fuels rose even faster than crude itself amid tight global refining capacity.
Separately, Walmart,
WMT
, shares fell more than -10% this week, their steepest weekly drop since May 2022, after US comparable sales growth slowed to just +2.6%, the company’s weakest pace in more than 6 years.
Moreover, Broadcom,
AVGO
, saw its 5-year credit default swap (CDS) blew out to a record wide, as investors grow increasingly concerned about the risks surrounding off-balance-sheet financing of the AI buildout.
Additionally, the US Dollar Index fell for a 4th straight week, an unusual move given that rising yields typically strengthen the currency, suggesting investors increasingly view the Treasury selloff as a fiscal credibility issue rather than an economic growth story.
As a result, gold broke above $4,600 per ounce, posting a 3rd consecutive weekly gain, while silver soared to $69 for the first time since mid-June and Bitcoin surged more than +20%, its strongest week in over 2 years, briefly approaching $80,000.
Markets are heading into a major test, with Nvidia,
$NVDA
, earnings, Jackson Hole, and the annual US nonfarm payrolls revision all in focus.
$STX
$FF
⚠️
US equities snapped a multi-week winning streak, posting their first weekly loss since late July.
The 30-year Treasury yield pushed above 5.3% at one point, its highest since 2007, before the US Treasury's expanded buyback plan briefly pulled yields lower on Wednesday.
Meanwhile, Brent crude climbed toward $94 per barrel and WTI topped $87, up for a 2nd straight week, as US-Iran diplomacy deteriorated and refined product markets tightened further.
At the same time, crack spreads, the difference between crude oil prices and the refined products made from it, hit record highs, as diesel and other refined fuels rose even faster than crude itself amid tight global refining capacity.
Separately, Walmart,
WMT
, shares fell more than -10% this week, their steepest weekly drop since May 2022, after US comparable sales growth slowed to just +2.6%, the company’s weakest pace in more than 6 years.
Moreover, Broadcom,
AVGO
, saw its 5-year credit default swap (CDS) blew out to a record wide, as investors grow increasingly concerned about the risks surrounding off-balance-sheet financing of the AI buildout.
Additionally, the US Dollar Index fell for a 4th straight week, an unusual move given that rising yields typically strengthen the currency, suggesting investors increasingly view the Treasury selloff as a fiscal credibility issue rather than an economic growth story.
As a result, gold broke above $4,600 per ounce, posting a 3rd consecutive weekly gain, while silver soared to $69 for the first time since mid-June and Bitcoin surged more than +20%, its strongest week in over 2 years, briefly approaching $80,000.
Markets are heading into a major test, with Nvidia,
$NVDA
, earnings, Jackson Hole, and the annual US nonfarm payrolls revision all in focus.
$STX
$FF