Kim 'Krashdashian' Breaks The Market Despite SPACs, Snowflake, & Soaring Zombies

Buffett barreling into Snowflake's IPO, yet more SPACs, WTO Ruling against the US (in favor of China), a snooze-fest Apple event with no iPhones, a continuing collapse in Exxon, Kim 'Krashdashian' 'freezing' her Facebook/Instagram account, and the rise of the zombie firm... all add up to one thing...

All of which ended up with Nasdaq dramatically outperforming (note the divergence at the cash open - Nasdaq bid, Small Caps dumped)... Kim K Krashed stocks briefly but he standard buying-panic stomped into markets in the last 10 mins (The Dow and Small Caps barely green)...

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The Dow scrambled to end the day +1 point!!! But was unable to get back to 28k...

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Quite a swing at the cash open again...

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Source: Bloomberg

Stocks and Yuan slipped at around 0945ET when WTO headlines hit (ruling against US on China tariffs)...

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Source: Bloomberg

Although that drop is negligible compared to the recent yuan resurgence to its strongest since May 2019...

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Source: Bloomberg

Meanwhile, XOM down 11 days in a row (equal to longest streak ever - 01/2020 and 08/2013) pushing it up to a 9.5% dividend yield (and near 900bps spread to 10Y)...

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Source: Bloomberg

Facebook FB was flambéd when Kim Kardashian called on her followers to freeze their accounts...

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AAPL was monkey hammered after a snoozefest product launch...

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Banks were battered after JPM comments, erasing yesterday's gains...

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Source: Bloomberg

Another crazy day in quant factor land with a panic-divergence at the cash open (buy momo, sell value) then a reversion again...

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Source: Bloomberg

Treasuries were unchanged on the day (longer-end slightly offered) despite the vol in stocks (a second day of extremely tight range in yields)...

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