The market rotation is accelerating. Several trigger points were pushed yesterday: (1) economic data such as jobless claims and the ISM manufacturing index came up worse than expected. (2) Mega cap corporate earnings (intel, amazon, etc) were softer than consensus anticipated and guidance was lower as well, which made those stocks sink after hours. This in turn pushed the 10 Year Treasury bond below 4%, an important level for the market. (3) In Japan, The Topix fell 6.14% which pushed the 10 year JGB below 1% and the Yen below 150, all psychological levels that make paper headlines and move markets. And (4) the Bank of England lowered interest rates by 0.25%, indicating a “clear trend” lower. As of yesterday, there is a 25% chance of a 50 bps (!!) cut by the Fed in September.
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