Dow Dominates As Tech Wrecks; Bitcoin, Bond Yields, & The Buck Bounce For the first time since 1993, the Dow is at a record, while the tech-heavy Nasdaq is down around 10% from its high... Source: Bloomberg “It feels like an attitude adjustment for tech and growth stocks,” said Mike Bailey, director of research at FBB Capital Partners. “Investors have decided that these Covid winners just got too expensive and now it’s time for a valuation haircut.” And it was a chaotic day with futures sold in the Asia session after a gap up open, then bid through the European session... then divergent (tech wrecked, rest bid) before everything rolled over. S&P ended red into the close, but Nasdaq was hammered... Today was The Dow's best performance relative to the Nasdaq since early November (vaccine headline day)... Source: Bloomberg Nasdaq pushed down to its 100DMA once again David Tepper sparked (maybe) some exuberance early on but that didn't last for most of the indices, as the European close was the trigger for change again... ...and it appears the SPAC party is over... Source: Bloomberg The momo meltdown accelerate again... Source: Bloomberg Or put another way... TSLA tumbled back below $600 (down over 3.5% intraday for the 5th straight day - the longest such streak since 3/11/20)... And ARKK was clubbed like a baby seal... As FANG stocks reversed Friday's panic-bid gains... Source: Bloomberg As AAPL dropped back below $2 trillion market cap... Source: Bloomberg Oh and GME soared 40%!! IG Corporate bond yields in the US are now lower than 10Y Treasury yields (unusual but mainly due to the duration differences). However, still quite a milestone... Source: Bloomberg Treasury yields were higher on the day but only modestly compared to the recent chaos and the shifts were much more focused in the belly (2Y +2bps, 5Y +6bps, 30Y +1bp)... Source: Bloomberg And, as we have noted for a while, and Tepper and Bass confirmed today, TSY yields now offer huge pick up for hedge European and Japanese investors... Source: Bloomberg The dollar rallied to its strongest close since early November (vaccine time) Source: Bloomberg Cryptos are all higher from Friday after the Biden bailout passed the Senate... Source: Bloomberg Ethereum soared after the EIP-1559 approval... Source: Bloomberg Bitcoin pushed back above $51,000... Source: Bloomberg In a notable change, oil prices slipped lower today after WTI tagged $68 and reversed... But, it's too late to stop retail pump prices topping $3.000 in the next few weeks... Source: Bloomberg Dollar gains helped pushed gold back below $1700... Finally, for all the fearmongering, it appears the plateau is over as cases, hospiralizations, and deaths leg lower once again... Source: Bloomberg As "flu season" ends... Source: Bloomberg Tyler Durden Mon, 03/08/2021 - 16:01