Stocks Near Record Highs As Xi Hope And Powell Hype Trump Global Economic Collapse

We hate to be the bearer of bad news, as stocks near record highs, bond yields hit record lows, and global macro collapses to cycle lows...BUT...

Chinese stocks missed out on today's fun (watch them catch up tonight) as they closed before Draghi rescued assets around the world and cornered Powell...

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European stocks accelerated higher today after Draghi promised moarrrrr...

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Sending Bund yields to new record lows...

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And pushing yields on various European sovereign notes below 0 for the first time in history.

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US equities surged in the pre-open on the Draghi and Trump-Xi comments...

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But drifted lower after the European close with some weakness in the last 30 mins... Nasdaq was the best performer but the S&P 500 lagged...

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Nevertheless, the S&P 500 is just 1.25% from its record highs, The Dow around 2% below its and Nasdaq around 3% below (with Small Caps and Trannies still down around 11% from their 52-week highs). China's Shanghai Composite is down around 12% from its 52-week highs.

BYND opened above $200, then plunged back into the red...

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Notably, BofA's survey suggests market participants say that drop in the S&P to 2430 would prompt an immediate rate cut by The Fed and to 2350 would prompt Trump to do a trade deal no matter what...

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Treasury yields plunged on Draghi's comments and Trump's follow up, but as the day went on, rates recovered some of the drop (though the long-end notably outperformed)...

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Dramatically flattening the yield curve...

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Bond yields were extremely volatile...

2Y roundtripped the entire plunge...

and 10Y traded like a penny stock after trading as low as 2.01%!!!

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