Markets Stabilize as Yields Decline

Equities remained choppy last week ahead of key economic data. With those releases now behind us, rates have pulled back, fueling a rebound in Gold, Bitcoin, and Homebuilders, while pressuring the USD lower. Meanwhile, the yield curve continues to steepen.

Signals of a Global Expansion

• Fed joining global easing cycle

• U.S. 2s/30s curve at fresh highs

• ISM below 50 for 4 months— nowhere near a cycle peak

• China injects 123.2BN yuan of short-term reverse repo cash

• High yield spreads are extremely tight

• Precious Metals are rallying to new highs

• Mortgage rates breaking lower

• Homebuilders are turning higher

• Discretionary vs. Staples back to new highs

• Japan breaking out decisively

• Breadth: S&P >200-day at YTD highs

Fresh all time high breakout for Google.

Let AMD fill the gap at $140 before you add more. AMD is poised to reach 15–20% of the AI GPU market by 2026, currently around 5%.

Alibaba looks like it is ready to run, again.

Opera has been witnessing some noticeable volume.

Don’t look now but ASML is starting to outperform again.