Cryptos Jump, Small Caps Pumped, & Dollar Dumps To 1-Month Lows

Cryptos Jump, Small Caps Pumped, & Dollar Dumps To 1-Month Lows

As payrolls data looms tomorrow, today was relatively quiet ahead of the long weekend with the dollar perhaps stealing the headlines as it slipped further, now at one-month lows as claims were flat and productivity and factory orders all slowed considerably (and Morgan Stanley and Goldman Sachs continue to ratchet down GDP growth expectations)…

Source: Bloomberg

US Macro data has been serially disappointing for months, now back at its weakest since Aug 2019…

Source: Bloomberg

But, of course, stocks don’t care and did what stocks do… levitate. Apart from Nasdaq, the major US equity indices ended higher with Small Caps outperforming…

Record highs for the Nasdaq and S&P 500.

A reminder…

“hunker down at home” stocks outperformed “get out and party stocks” again today…

Source: Bloomberg

The short squeeze continues…

Source: Bloomberg

Bonds went nowhere on the day with the long-end maybe edging the rest of the curve and falling around 1bps…

Source: Bloomberg

As the dollar dipped today, cryptos rallied with bitcoin back above $50k intraday…

Source: Bloomberg

And Ethereum topped $3800…

Source: Bloomberg

ETH is finding resistance once again at recent highs relative to BTC…

Source: Bloomberg

Despite the dollar’s drop, Gold chopped around ending the day lower…

But oil spiked with WTI back above $70 intraday…

Finally, ahead of tomorrow’s “most important ever” payrolls print, we note that a record 50% of small businesses now have job openings… and yet there are 6 million fewer Americans working that before the pandemic lockdowns…

Source: Bloomberg

“Unintended consequence” or Cloward-Piven plan all along?

Tyler Durden
Thu, 09/02/2021 – 16:01

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