Big-Tech, Bullion, & Bitcoin Battered Before NVDA’s Big Night
Coming off yesterday’s lowest volume (full) session of the year (and Monday was the 2nd lowest), the low level of liquidity was very apparent in today’s anxiety-filled session as traders puked back gains ahead of “the most important earnings announcement ever”.
Nasdaq was clubbed like a baby seal, but all the majors saw two big legs down intraday. That, of course, was met with a wave of BTFDing as the last hour began
Mag7 stocks were dumped for the fifth day in a row…
Source: Bloomberg
Also, ‘most shorted’ stocks were dumped, erasing all the post-Powell euphoria…
Source: Bloomberg
1-Day-VIX soared higher ahead of tonight’s earnings news (higher than VIX)…
Source: Bloomberg
Treasury yields were higher across the curve by 1-2bps on the day with the long-end very modestly underperforming…
Source: Bloomberg
The dollar extended its rebound gains, erasing 75% of the post-Powell plunge…
Source: Bloomberg
Bitcoin was battered today with a big puke shortly after yesterday’s equity cash market closed. The cryptocurrency found support at $58,000 and tested back up to $60,000…
Source: Bloomberg
Gold also tumbled on the day, only to find support at $2500…
Source: Bloomberg
Oil prices dipped for the second day with WTI holding above $74…
Source: Bloomberg
Finally, is it time for stocks to catch back down to bonds’ reality?
Source: Bloomberg
…and will NVDA be the trigger?
Tyler Durden
Wed, 08/28/2024 – 16:00
https://www.zerohedge.com/markets/big-tech-bullion-bitcoin-battered-nvdas-big-night