A quiet macro day was dominated by domestic weather horrors, foreign war escalations, and tech monopoly tumult.

As the anniversary of the Oct 7 attacks hit, more missiles flying in the MidEast sent crude prices higher with WTI above $77 for the first time since mid-August (from three year lows) and fears about Gulf refinery impacts from Milton also spurred prices higher)…

Source: Bloomberg

On a domestic bigger picture, the ‘rates-growth tango’ – as Goldman’s Chris Hussey calls it – appears to be back as the payrolls beat has sent yields dramatically higher… and that is weighing on stocks (less rate-cuts, higher costs of funding, lower struck Fed put).

Source: Bloomberg

Rate-cut expectations are tumbling (less than 2x 25bps cuts now priced in by year-end and less than 4 more cuts next year now)…

Source: Bloomberg

All the US majors were ugly today, with futures dumped at the European open and accelerating lower as the GOOGL judgment hit…

Mag7 stocks were weighed down by anxiety ahead of Tesla’s Robotaxi day and also by GOOGL getting hit with an app store injunction (ordering the tech giant to open its app store to competition).

Source: Bloomberg

‘Most Shorted’ stocks were hammered today, erasing all of Friday’s squeeze gains…

Source: Bloomberg

Friday’s bond bloodbath continued today with the short-end once again underperforming (2Y +8bps, 30-Y +5bps)…

Source: Bloomberg

The yield curve (2s10s) briefly inverted once again this morning…

Source: Bloomberg

With 2Y and 10Y yields both topping 4% once again…

Source: Bloomberg

The dollar went nowhere today, oscillating in a very tight range after Friday’s spike…

Source: Bloomberg

Gold also traded in a narrow range, falling slightly on the day…

Source: Bloomberg

Bitcoin saw two major buying legs in today’s price action, lifting it up to $64,5000 before tech was hit by GOOGL headlines (and that weighed on crypto)…

Source: Bloomberg

Finally, forgive us for keep pointing this out but USA sovereign risk won’t stop rising…

Source: Bloomberg

Of course, only a racist would tie together that surge in the world’s perception of Washington’s weakness and the “polls” telling everyone that Kamunism is killing it…