Bonds & Big-Tech Bloodbath: Mag7 Meltdown Accelerates As Yield Curve 'Dis-Inverts' To 2-Year High

From zerohedge.com

Ugly Micro (Mag7 earnings fail to impress...enough) and Ugly Macro (home sales and manufacturing meltdown) left an Ugly day for stocks and bonds (the long-end) while the dollar, crypto, and commodities were all relatively unch by the close. As UBS notes, similar to last Wednesday, today seems very much an Equity event which suggests that technicals and positioning are the major drivers. All the major US equity indices were lower today but mega-cap tech was hit hardest, smashing Nasdaq down over 3.5% for its worst day since Dec 2022. Ugly close did not help at all. The Dow was the least ugly horse in the abattoir ... (full story)