Biden Economy: Dow Suffers Longest Losing Streak In 99 Years, Bonds & Bullion Bid

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US Macro Surprise data slumped for the 5th straight week, back into negative territory at its weakest weekly close since Nov 2021..
China ‘stimulus’ (cutting only 5Y prime rates) overnight offered some hope against the relentless tightening of financial conditions by The Fed and that buoyed stocks ahead of the open (and OpEx). But that all ended after the cash open (OpEx) and what had been a relatively calm week of selloffs turned more violent as gamma expired away and stocks puked. Then as the final drips of gamma were wrung out into the close, stocks went literally vertical with The Dow and S&P briefly tagging unchanged…

So futures started falling at 0500ET, accelerated lower the open around 0930ET, bottomed for the day at 1330ET, then in the last 30 minutes of the day, ramped it all back.

On the week, Nasdaq was the biggest loser, down almost 5%…

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