Investors were tazed and confused by Facebook’s honesty…
Of course, all eyes were on FANGs and specifically Facebook… (GOOGL and NFLX managed to get back to even)
Even AMZN was down (-3% ahead of its earnings – worst day since April 24th – day before Q1 earnings)
Putting Facebook’s collapse in context (panic bid at the cash market open this morning and about 15 mins before the cash close):
Pushing FB into the red for 2018..
Losing more market cap than…
Facebook’s one-day $123bn market cap loss is bigger than entire value of:
* Nike
* GE
* Goldman Sachs
* BlackRock
* Starbucks
* Rio Tinto
* Vodafone
* Siemens
* Airbus
* Diageo
* BNP Paribas
* The Kuwaiti stock market
* The Argentine stock market
* The Colombian stock market— Robin Wigglesworth (@RobinWigg) July 26, 2018
All of which weighed on the Nasdaq, but The Dow rallied on trade deal hope… (note that all the indices ramped at the cash open as the machines went to work, but failed to ignite any momo in Nasdaq)
Cash indices showed even more divergence… S&P joined Nasdaq in the red…
Growth stocks tumbled most relative to value stocks since Nov 2017
It wasn’t just tech stocks, Ford’s drop continued – back below $10 for the first time since Oct 2012…
China stocks slipped overnight with CHINEXT (China’s tech index) suffering most…
Bonds barely moved today amid all the pushing and pulling of trade euphoria and Facebook dysphoria, but there was a notable bid for the longer-end relative to the short-end…
The yield curve flattened modestly, erasing yesterday’s late-day trade-deal steepening…
The Dollar rebounded today, erasing yesterday’s losses… and back into the green for the week…
Yuan reversed its recent gains (second worst day since Jan 2017) as fears of EU-US ganging up on China increased…
Turkish Lira tumbled as rhetoric heated up between Washington and Ankara over Pastor Brunson’s release…
Mexican Peso hit a 3-month high on hopes that NAFTA deal is near…
Despite the tech weakness, cryptos hung in there with Bitcoin outperforming on the day..
Dollar strength weighed on commodities across the board but WTI managed to steady
Gold futures dropped to their lowest close since July 7th 2017…
Finally, if you thought you had a bad day, Zuck lost $15 billion overnight…
How will he get by on just $70 billion?
Bonus Chart: Pin the guess on the trade-war-juiced Q2 GDP print…
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