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Yet another risk-off day in markets yesterday as traders remain in damage control mode. Treasury prices rebounded a day after Powell threw cold water on rate cuts for this year, while the S&P 500 fell for the 4th straight day, the longest losing streak since January. The sell-off took no prisoners, with gold, oil, and crypto all trading on the back-foot as fear is over-taking FOMO in the near-term.
On the political side, the US imposed (anticipated) tariffs on Chinese steel amongst some other new restrictions, along with further apparent progress made on the TikTok bill in Congress.
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With prices likely driven solely off technicals and positioning in the meantime, a quick look at various sentiment gauges will show that the recent sell-offs had inflicted significant technical damage, although we might be overdue for an oversold bounce in the meantime. The number of Nasdaq and SPX stocks hitting one-month lows hit a recent 1-year high, while Citi’s proprietary sentiment barometer flipped to ‘fear’ territory after the recent sell-offs.
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On the earnings side, things have been off to a muted start with banks repeating mixed earnings (JPM missed, GS beat), while LVMH missed top-line sales somewhat on a lowdown in luxury purchases out of China. On the tech side, bookings at Dutch giant ASML fell 61% in Q1 to €3.6bln, widely missing estimates of €4.6bln. A slowdown in new orders from TSCM & Samsung led to weaker results, citing high inventory levels as semiconductor manufacturing capacity has been ramped up globally.
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In crypto, nothing particularly new to note, though Ark ETFs saw a 2nd day of outflows at -$42mln along with -$133mln from Grayscale, while Blackrock's IBIT only saw $18mln of inflows for a net outflow of over -$160mln. Expect to see more sideway / downward price action for the foreseeable future...
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