Consumer sentiment fell 1.8 points to 46.3 and the 2-year closed 5 basis points higher the same afternoon. The shape of the curve’s move tells us which end of the market repriced.
...Friday was the broadest tape since 2 October. It was also the session three phone companies each lost over 10% of themselves, and T-Mobile did 69.5% of its damage in the opening gap, before a single share changed hands.
...All eyes are on the S&P and Naz walking the tightrope. No one is watching sleepy Uncles Dow and Russell, and they haven’t finished falling. Above 7850 or below 7800 settles it.
...The September minutes recorded a majority leaning to one more hike by year end. The 2-year fell to 4.77% anyway and the 20-year rose to 5.71%, which is the wrong way round.
...The minutes recorded a majority leaning to one more hike by year end. The front end fell to 4.77%, the 20-year rose to 5.71%, and 2,155 NYSE stocks went down whilst the index lost a fifth of a percent.
...The SPX bull breakout reached its target and the Tag n Turn tool is flat again. A bear setup has already flagged, and it’s tipped to skip. Meanwhile 2 indexes print new highs and 2 don’t. Same story, same handful of AI stocks.
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