Commodity prices rise, tech stocks face pressure🫣

With commodities catching a bid, crude oil steady above $80, treasury issuance going higher, and financial conditions still at remarkably loose levels as when overnight rates were ~150bp lower (~3.80% vs 5.3% now), a bond-bearish narrative is being formed heading into Jackson hole at the end of the month even as the market is increasingly convinced that the Fed has basically concluded its hiking cycle. The bear-steepening of the yield curve continues to weigh on equities in the past week, which saw significant pressures on tech names with Nvidia down -15% from the highs since the turn of the month.

#commodity #stocks #oil #bond #Fed