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Since peaking on July 10th, the market cap of the Magnificent 7 stocks has dropped a mind-numbering $2 trillion...

Source: Bloomberg

As another week goes by (the third in a row) with Small Caps (+3%) dramatically outperforming Nasdaq (-3%). The Dow ended the week green but S&P red (but closed above its 50DMA)...

That has crashed the Nasdaq back into the 'normal' range with the Russell for the last year...

Source: Bloomberg

And the biggest three-week underperformance of Nasdaq vs Small Caps since the very peak of the DotCom bubble...

Source: Bloomberg

Treasuries have been broadly bid the last two days, with the long-end lagging (but managing to get back to unchanged on the week today) as the short-end yields tumbled...

Source: Bloomberg

This drove the yield curve (2s30s) to disinvest most since July 2022...

Source: Bloomberg

Rate-cut expectations rose modestly on the week (focused fully in 2024 as 2025 remained flat)...

Source: Bloomberg

The dollar drifted very modestly higher in a very noisy trading

Source: Bloomberg

Gold ended the week slightly lower, bouncing back today...

Source: Bloomberg

Crypto markets were mixed this week with Bitcoin bouncing back strongly today, back up to $68,000...

Source: Bloomberg

...but ETH seeing 'sell the news' relative pressure since the ETFs launched...

Source: Bloomberg

Oil prices ended the week lower, chopping around back in a tight technical range it has found comfortable for months...

Source: Bloomberg

Finally, it's different this time... it's bigger....

Source: Bloomberg

...and remember, next week is the busiest of the summer -  massive macro events (JOLTs, BOJ, Euro CPI, US ECI, FOMC, BOE, NFP), coupled with massive earnings announcements (40% of SPX market cap next week).

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