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Dow Hits Record High But Nasdaq Dumps As Oil & Gold Jump
Amid the doldrums of summer liquidity, today saw some give back from Friday's euphoric response to Jay Powell's latest flip-flop. Rate-cut expectations declined (most notably focused on a shift from 2024 to 2025)... chart Stocks - broadly-speaking - did not love it and gave some back with the Nasdaq the biggest loser (and S&P dragged down by Tech). The Dow managed to reach a new all-time high before purging most of it back. chart It's been an interesting couple of days for Mag7 stocks... chart ...as the world readies for NVDA's earnings... chart The us dollar rallied modestly, erasing some of the dovish ... (full story)