Monday Watch

Today's Headlines

Bloomberg:                     

• St. Petersburg Explosion Kills Pro-War Blogger Tatarsky.
• UBS to Cut Staff Up to 30%; Prosecutors Look at CS Deal.
• Emerging Market Era More Grind Than Go-Go After Rough Start. 
• Japan’s Manufacturer Sentiment Worsens to Two-Year Low.
• Economists Split on Whether Australia to Pause Tightening Cycle.
• Norway’s Krone Leads Commodity FX Higher on OPEC+ Production Cut. 
• US Stock Futures Fall, Yen Weakens as Oil Rallies: Markets Wrap.
• Oil Rockets 8% After OPEC+ Jolts Market With Surprise Output Cut.
• OPEC+ Makes Shock Million-Barrel Cut in New Inflation Risk.
• Russia Extends Pledged Oil Output Cuts Through 2023, Novak Says.
• Manchin Steps Up Clash With Biden Over Electric-Car Tax Credits.
• A $15 Billion Swap-Based ETF Exposes the Latest ESG Headache.
• Mind the Aftershocks: Post-Tantrum Market Calm Unnerves Traders.
• Apple Is Just Two Months Away From Debuting Its First Reality Headset.
• US Biotech Firm Apellis Is Said to Attract Takeover Interest. 
• Endeavor Group Nears Deal to Acquire Vince McMahon’s WWE.
• Texas Town With Biggest US Pay Raise Keeps Powell on Hiking Path.
• One Risk Was Missing From Strategists’ 2023 View: Banking Crisis.
• Even High-End Travelers Are Reining In Their Spending.
• Five Key Charts to Watch in Global Commodities Markets This Week.

Wall Street Journal:

• Blinken Presses Russian Foreign Minister to Release WSJ Reporter Evan Gershkovich.
• The Coming Biden Bailout of Blue States and Cities. Taxpayers will be on the hook for mismanaged pensions and projects from stadiums to subways.
• DEI at Law Schools Could Bring Down America. After the Stanford episode, Ilya Shapiro sounds a warning: The threat to ‘dismantle existing structures’ is an idle one in English class. But in legal education it targets individual rights and equal treatment under the Constitution.
• Do Scientists Regret Not Sticking to the Science? Taking political stands squanders the credibility of experts. 
• Media Keep Stifling the Covid Debate. A highly regarded institute published an analysis raising questions about masks. News organizations ignored it, then attacked it.
• America Has Too Much Parking. Really.
• SVB Collapse Complicates Banks’ Efforts to Unload Over $25 Billion of Junk Debt.
• Individual Investors Slow Stock Purchases.
• Cancer Patients Choose Lifestyle Over More Aggressive Treatment.
• Bull vs. Bear: The Fed.
• After Direct Hit, Arkansas City Surveys Tornado’s Wreckage.

Fox News:

• Senator Manchin makes plea to District Attorney Bragg after Trump indictment.
• Hospital director calls for drastic increase in capacity for gender surgeries for minors.

CNBC:

• Why some college professors are adopting ChatGPT AI as quickly as students.
• Swiss prosecutor investigates Credit Suisse takeover by UBS.
• Top analysts are bullish on these five long-term picks.

Zero Hedge: 

• Did Bud Light Go 'Woke' With Trans-TikTok Star? Boycott Calls Intensify.
• Oil Surges In Early Trading After OPEC+ Surprise 'Unipolar World'-Challenging Production Cut.
• OPEC+ Makes Surprise 1 Million-Barrel Oil Production Cut. 
• Leaks From Bragg's Grand Jury Are A Crime.
• "Markets Will Always Outsmart The Best AI Systems That Our Computer Scientists Develop".
• Kentucky Governor Signs Bill Banning ESG Investment In Public Pensions.
• Weekend News Round Up - Newsquawk Asia-Pac Market Open.
• CDC Research Team Members Fell Ill Studying Toxic Ohio Derailment, Agency Confirms.
• Tesla Reports Record Deliveries Of 422,875 In Q1 2023, Helped By Price Cuts.
• What Wild And Crazy Thing That No One Was Expecting Will Happen In Q2?
• Luongo: Indicting Trump Is The End Of US Politics.
• Illegal Immigration Surged At Northern US Border With Help Of Americans.
• Short Oil Bets Plunge The Most In 7 Years.
• "Embarrassing": Some Democrats Say Trump Indictment Was A Strategic Mistake.
• Fetterman Home After 6 Weeks In Hospital For Severe Depression.
• Fentanyl-Dealing California Police Union Official Charged.
• Renewables Surpass Coal In US Electricity Generation.
• Debt Deflation: "The Adjustment To Reality Is Likely More Violent Than Anything Seen In The '70s".
• Where Can People Trust In The Rule Of Law?
• Demand For Fuel Tankers Jumps Amid Global Trade Reshuffle.
• These Are The 50 Most Visited Websites In The World.
• 63 Christian Dissidents Face Deportation Back to China.
• These Are Asia's Richest Families.
• Breaking The Kevlar Ceiling: Homegrown Terror Gets A Gender Swap.
• In AI We Trust.
• Transgender Youth More Likely To Support Violent Radicalization: Study.
• White House Refuses To Pay For Twitter Verification.
• Journalist Says DOJ Targeting Him For His Aggressive Post-Jan. 6 Commentary.
• Trump Supporter Found Guilty, Faces Ten Years In Prison For 2016 Anti-Hillary Meme.
• Investigation Reveals 'Revolving Door' Of DOJ, Big Tech Employees.
• "They're All Libertarians" Until Their Deposits Are At Risk.
• The Warnings Unheeded Now Threaten Our Fundamental Freedoms.

MarketWatch.com:  

• As Wall Street pushed stocks higher to start 2023, earnings expectations sank by almost the same amount. 
  
• McDonald’s reportedly planning corporate layoffs this week.

NewsMax:

• Lara Trump: Bragg's Indictment 'Opened People's Eyes'.
• Meet Juan Merchan, the Judge in Trump's Case .
• Lewandowski: Trump Winning Court of Public Opinion.

TheGatewayPundit.com: 

• Report: Trump Attorneys Believe Soros-Funded DA Will Impose Gag Order on Trump On Monday – Will Prevent Him from Campaigning.
• Chief Investigator at Manhattan DA’s Office Susan Hoffinger Previously Donated to Biden and Other Dems.
• Toxic RINO Asa Hutchinson Announces 2024 Presidential Bid, Calls on Trump to Drop Out of Race (VIDEO).
• Alvin Bragg’s Political Donors Include Numerous Donation Mules – And at least one Prominent Business in India.
• Bragg Was Looking to Charge Trump with a Felony, Could Land Himself in Prison for Years Instead.
• Manchin is Angry Biden Regime is “Writing Rules and Regulations That are Totally Foreign” to What He Thought the “Inflation Reduction Act” Would Do (VIDEO).
• IT NEVER ENDS: Now the Biden Administration is Coming for Our Cheap Light Bulbs.
• Democrat Judge in FOX News-Dominion Case Says All Statements About Dominion Were False – What a Crock!
• Washington State Analysts the Latest Group to Discover THOUSANDS of Illegal Election Donation Mules Donating MILLIONS to Democrat PAC Act Blue.
• Capitol Police Are Withholding Thousands of hours of CCTV from Congress and J6 Political Prisoners.
• Program Analyzing Signatures in Kari Lake Case Ranks 10 Percent Match as ‘High-Confidence,’ County Denies – Report.
• Senator Josh Hawley Calls for Nashville Shooting to be Investigated as a Hate Crime (VIDEO).

The Epoch Times:

• ‘A Slow-Moving Genocide’: Human Rights Lawyer Shines Spotlight on China’s Forced Organ Harvesting.
• Beijing Can’t Continue Its Deceitful Trade Practices If China Loses ‘Developing Country’ Status: Expert.

Twitter:

• @alexbruesewitz - "Trump's Real Crime: Waging War Against Globalism" Must watch segment. @StephenM and @TuckerCarlson nail it. (video)
  
• @RobinBrooksIIF - Biggest illusion in markets currently is that Europe's energy shock is over. You just have to look at the giant trade deficit in January 2023 and compare it to the same month in previous years to see this isn't true. Fair value for EUR/$ is 0.90. The energy shock is ongoing... (graph)

OpenVAERS:

• VAERS US COVID Vaccine Adverse Event Reports. 945,820 Reports(+1,909 from prior week) Through March 17th, 2023.
  

SKirsch.com:

• Using the MGH numbers with our own VAERS queries, we have 247 cases per million doses from the MGH study divided by 5.97 cases per million doses from VAERS. 247/5.97 = 41. This suggests that the VAERS under-reporting factor (URF) is 41X.

Night Trading

• Asian indices are -.25% to +.5% on average.
• Asia Ex-Japan Investment Grade CDS Index 131.0 -3.75 basis points.
• China Sovereign CDS 73.0 -4.0 basis points.
• China Iron Ore Spot 125.6 USD/Metric Tonne +.18%
  
• Bloomberg Emerging Markets Currency Index 47.8 -.10%.
• Bloomberg Global Risk-On/Risk Off Index 55.2 +2.1%.
• Bloomberg US Financial Conditions Index -.45 -4.0 basis points. 
  
• Volatility Index(VIX) futures 22.5 +1.7%. 
• Euro Stoxx 50 futures n/a.
• S&P 500 futures -.20%.
• NASDAQ 100 futures -.48%.

Morning Preview Links

BOTTOM LINE: Asian indices are mostly higher, boosted by energy and industrial shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing mixed.  The Portfolio is 50% net long heading into the week.

Today's Headlines

Bloomberg:

• A $3 Trillion Threat to Global Financial Markets Looms in Japan.
• ECB’s Panetta Says Pay More Attention to Price Impact of Profits.
• European Stocks Post Worst March Since 2020 on Growth Jitters.
• Robust Bond Gains Mask Risk of Market Pain Ahead.
• Veteran Money Managers Bail on Stock Rally With Fed Hawks Flying.
• Zombies Are Back! Here’s Why That’s Economic Trouble.
• Why Trump Indictment Is Being Criticized as Weak ‘Zombie’ Case.
• Bearish Sentiment on Stocks Is Best Thing Rally Has Going for It.
• Soaring Auto Loan Rates Are the Latest Roadblock for Car Sales.
• SVB’s Fall Stunned Even the One Stock Analyst Who Said to Sell.
• JPMorgan’s Michele Warns on Risk Rally as 2023 Recession Certain.
• Your Saturday US Briefing: Trump Indicted; American Single Malts.
• Social Media Buzz: Trump Fundraising, Tornadoes, Pope ‘Alive’.

Wall Street Journal:

• Musk Chases $250 Billion Twitter Valuation With Old Banking Dream.
• Biden Calls on Russia to Release Journal Reporter.
• A Biden Bait-and-Switch on Electric Vehicles. As Joe Manchin feared, Treasury is rewriting the Inflation Reduction Act’s green subsidy limits.
• The Hottest Job Markets in America.
• Your Next Greece Getaway Could Be at a Hotel Owned by Goldman Sachs.
• Russia’s Economy Is Starting to Come Undone.

Barron's:

• Had bullish commentary on (GOOG), (SNAP), (ZTS) and (META).
• Had bearish commentary on (OZK), (PACW) and (VLY).

Fox News:

• Biden admin looking to ban another household item as part of sweeping climate agenda.
• Conservative activist bloodied and bruised at pro-trans rally: ‘Police did nothing’.

CNBC:

• Gen Zer, millennial pay under $700/month to rent ‘micro apartments’ in NYC.
• Millions will start losing Medicaid coverage as Covid safety net is dismantled.
• Social Security trust funds depletion date moves one year earlier to 2034, Treasury says.

Zero Hedge:

• "Unprecedented" Chinese Genetic Experiment May Lead To Army Of Radiation-Resistant Super Soldiers.
• China Sends 18 Warplanes & 4 Vessels Toward Taiwan Amid Tsai's US Visit.
• The Warnings Unheeded Now Threaten Our Fundamental Freedoms.
• Ivy League Schools Are Now Pushing $90,000 Per Year In Tuition.
• The Trump Indictment: Making History In The Worst Possible Way.
• Why Hasn't The GOP Yet Walked The Walk On Its Mayorkas Impeachment Talk?
• Saudi Arabia Joins Shanghai Cooperation Organization As It Embraces China.
• "Blind Faith" - These Economic Numbers Are Staggering.
• At Least 9 Dead, Dozens Injured As Tornados Wreak Havoc Across America's Heartland.
• NATO Holds War Games Miles From Ukraine's Border.
• Billionaires Brin, Pritzker, Zuckerman And Ovitz Issued Subpoenas In Epstein Lawsuit.
• Body Blow To Activists: Whopping 82% Of Berlin's Voters Refused To Support Net Zero 2030 As Referendum Fails.
• Inflation Hits The English Breakfast Hard.
• "Wind Power Fails On Every Count": Oxford Scientist Explains The Math.
• The Energy Transition Is A Delusion Indeed.
• New Zealand Minister Slammed After Blaming 'White Cis Men' For Violence.
• Doug Casey On How Governments Use Global Crises To Take More Control.
• Manhattan Assistant DA Nukes Twitter Account After Anti-Trump Bias Exposed.
• US Troops In Syria Treated For 'Traumatic Brain Injuries' After Recent Attacks.
• The Illusive Pursuit Of Energy Security In The Age Of Energy Wars.
• Louisiana AG Shares Startling Findings On Censorship Collusion Between Government And Big Tech.
• Is The Counter-University Movement Any Match For The DEI Juggernaut?
• Where's Waldo At Club Fed?
• US Extends Carrier Deployment To Provide Military "Options" In Syria.
• Yellen Warns Next Crisis Could Come From 'Shadow Banks' And Regulators Must Act.
• Banks Bust As Big-Tech Booms In Q1; Gold & Crypto Soar As Dollar Dumps.
• China Outpacing US Military At 'Disturbing' Rate: Gen. Milley.
• S&P Lowers Outlook On 4 Large US Banks After Record Deposit Outflows.
• Stocks, Dollar and Bonds end the quarter on a high amid month-end flows - Newsquawk US Market Wrap.

MarketWatch.com:     

• How the FDIC has set a ‘baseline’ for troubled commercial real estate.
• U.S. stocks have barely budged since last summer. Where will they go next?
• At least 18 dead after tornadoes rake U.S. Midwest, South.
• Deposits at small U.S. banks stabilize, but large banks see bigger outflow.
• Are tech stocks becoming a haven again? ‘It’s a mistake,’ say market analysts. 
• Here are the 20 best performing stocks of March — and the 20 worst.

NewsMax:

• DeSantis: Dems Using Deep State to 'Ensconce Themselves in Power'.
• DeSantis: 'Soros-backed DAs' Are 'Menace to Society, Rule of Law'.
• Trump Raises Over $4M After Indictment.
• Gordon Chang: Chinese 'Saboteurs' Crossing US Border.

TheGatewayPundit.com:

• Manhattan DA Alvin Bragg Admits He Used Federal Dollars in Trump Investigation – Who Approved This?
• “I Would Not Be Surprised” – Harmeet Dhillon: NY DA’s Office May Try to Silence Trump with Gag Order – To Prevent Him from Campaigning (VIDEO).
• BREAKING: Pro-Trump Meme Maker Douglass Mackey, a.k.a. ‘Ricky Vaughn,’ Found GUILTY of Trolling Hillary Clinton During 2016 Election – Faces 10 Years in Prison.
• POLL: Majority of Americans Now Think a College Degree isn’t Worth the Cost.
• He Verbally, Sexually Abused Every Single Child in that Classroom! Hero Dad EXPLODES on School Board for Protecting Teacher Who Told Students to Describe X- Rated “Sexual Fantasies” – Parents Now Pushing to Recall School Board (VIDEO).
• Tucker: Let’s Hope “QAnon Shaman” Jacob Chansley Sues Liz Cheney For Falsely Destroying His Life.
• “People Understand We’ve Literally Become a Banana Republic” – Eric Trump Offers AMAZING DEFENSE of His Father following Soros-Funded DA’s Political Indictment of His Father (VIDEO).
• Zombie Network: CNN Has Disastrous Month Of March – Primetime Ratings Down 61%.
• New Report on Motive of 2017 Las Vegas Shooter is Raising Eyebrows.
• BREAKING: Ukrainian Security Forces Raid Monastery in Kiev to Forcibly Evict Orthodox Priests Suspected of Being Pro Russia – Patriarch Pavel Placed Under House Arrest.
• FBI Agent Tim Thibault Who Opened Bogus Trump Investigation, Covered Up Hunter’s Laptop, and Refused to Investigate 2020 Election – Is Now Reportedly Plotting Revenge on His Whistleblowers. 
• Another Insurrection! Trans Activists Invade Florida State Capitol Chanting “Whose Schools, Our Schools!” – Outraged Over Legislators Voting to Protect Children (VIDEO). 
• Trans and Antifa Activists Protest at Michigan Capitol Days after Nashville Slaughter, Demand More “Direct Action”.

The Epoch Times:  

• Marxism Makes Chinese Military Believe War With US Is ‘Inevitable’: Top US General.

Twitter:

• @tomthetrader1 - S&P 500 thoughts: Market breadth (NYSE + Nasdaq Net Net Highs) hasn't been this weak for this extended of a period since 2008. Don't need to imagine anymore how exhausted bear participants must have felt at this stage. This tweet is sentiment focused, not a speculation. (graph)
• @VigilantFox - Vaccine-Related Deaths Shift From Elderly to Young, Raising Questions. (video) 
• @SenRonJohnson - Today, Democrats defeated my amendment to require Senate ratification for any pandemic agreement with the World Health Organization. Now we know Democrats are willing to relinquish U.S. sovereignty to a global entity. How sad. (video)
• @NewsBecker - Glenn back on Trump's indictment: "The bill of rights is gone. Nobody is paying attention. Donald Trump is not even a person anymore. He’s a symbol. He’s a symbol of the average everyday guy that keeps getting screwed every single time." (video)
• @biancoresearch - Narrative building that the banking crisis is now over because the S&P 500 has just about retraced all its losses. Someone tell the bank stocks as they are unable to rally ...(graph) ... and someone tell the other 492 stocks in the S&P 500 as they are collectively down on the year. Eight stocks are keeping the YTD gains in the S&P 500 positive. (graph)
• @Humble_Analysis - Australia has released all-cause mortality data for 2022 and the results are the worst since WWII with 13% excess mortality. Australia vaccinated their entire vulnerable population in 2021 and boosted them all in 2022. At best, Australia is proof of vaccine failure. (graph)
• @Theinformantofc - "Seven Fingers, Seven Victims" - #TN Capitol protesters appear to include trans gunman among victims. (video)
• @The_Real_Fly - GERMAN FOOD INFLATION ROSE 22% IN MARCH, YOY. (graph)
• @IGSquawk - Weekend markets update: #DAX 15671 -0.04% #DOW 33318 -0.05% #NASDAQ 13182 -0.02% #FTSE 7658 +0.02% #HANGSENG 20383 0.00% #GBPUSD 12338 +0.06% #EURUSD 10844 +0.02% #USDJPY 13290 +0.07%.

OpenVAERS:

• VAERS US COVID Vaccine Adverse Event Reports. 945,820 Reports(+1,909 from prior week) Through March 17th, 2023. 

SKirsch.com:

• Using the MGH numbers with our own VAERS queries, we have 247 cases per million doses from the MGH study divided by 5.97 cases per million doses from VAERS. 247/5.97 = 41. This suggests that the VAERS under-reporting factor (URF) is 41X.

Weekly Scoreboard*

 

S&P 500 4,088.4 +3.0%

 

 

 

 

 

 

 

 

 

 

 

 

Weekly Market Wrap by Edward Jones.

Indices

• DJIA 33,178.3 +2.7%

• NASDAQ 12,186.6 +2.9%

• Russell 2000 1,792.2 +3.44%

• NYSE FANG+ 6,152.0 +3.5% 
• Roundhill Meme Stock ETF 6.46 +5.5%
  

• Goldman 50 Most Shorted 139.8 +4.7%

• Wilshire 5000 41,000.3 +3.1%

• Russell 1000 Growth 2,448.7 +2.8%

• Russell 1000 Value 1,495.50 +3.5%

• S&P 500 Consumer Staples 778.37 +2.1%

• MSCI Cyclicals-Defensives Spread 1,127.1 +.32%
  

• NYSE Technology 3,181.08 +4.1%

• Transports 14,338.0 +4.4%

• Utilities 935.29 +2.6%

• Bloomberg European Bank/Financial Services 78.4 +5.7%
  

• MSCI Emerging Markets 39.39 +1.7%

• HFRX Equity Hedge 1,454.53 +.45%

• HFRX Equity Market Neutral 924.97 +.16%

Sentiment/Internals

• NYSE Cumulative A/D Line 453,267 +1.6%
• Nasdaq/NYSE Volume Ratio 9.7 +61.7%

• Bloomberg New Highs-Lows Index -17 +443
  

• Crude Oil Commercial Bullish % Net Position -19.9 +22.5%

• CFTC Oil Net Speculative Position 154,341 -12.4%

• CFTC Oil Total Open Interest 1,791,902 +1.4%

• Total Put/Call .98 -10.1%

• OEX Put/Call 1.38 +19.4%

• ISE Sentiment 84.0 +3.0 points
  

• NYSE Arms 1.28 +46.8%
  
• Bloomberg Global Risk-On/Risk-Off Index 53.7 +15.2%
• Bloomberg US Financial Conditions Index -.39.0 +45.0 basis points
• Bloomberg European Financial Conditions Index -4.03 +62.0 basis points
  

• Volatility(VIX) 18.7 -14.1%
• DJIA Intraday % Swing .82% -30.5%

• CBOE S&P 500 Implied Correlation Index 34.1 -9.1%

• G7 Currency Volatility (VXY) 10.0 -5.9%
  

• Emerging Markets Currency Volatility (EM-VXY) 12.0 +.3%

• Smart Money Flow Index 12,793.5 +.79%
• NAAIM Exposure Index  65.2 +12.0
  

• ICI Money Mkt Mutual Fund Assets $5.198 Trillion +1.3%

• ICI Domestic Equity Long-Term Mutual Fund/ETFs Weekly Flows +$3.885 Million

• AAII % Bulls 22.5 +7.7%

• AAII % Bears 45.6 -6.8%

Futures Spot Prices

• CRB Index 264.38 +2.3%

• Crude Oil 75.5/bbl. +9.3%

• Reformulated Gasoline 270.0 +4.6%

• Natural Gas 2.21 +2.0%
• Dutch TTF Nat Gas(European benchmark) 47.8 euros/megawatt-hour +15.6%
  

• Heating Oil 267.97 -1.3% 
• Newcastle Coal 187.50 (1,000/metric ton) +2.5%
  

• Gold 1,970.56 -.43%
• Silver 24.0 +3.4%
  

• S&P GSCI Industrial Metals Index 449.85 +1.05%

• Copper 408.3 +.27%

• US No. 1 Heavy Melt Scrap Steel 455.0 USD/Metric Tonne +.44%

• China Iron Ore Spot 123.6 USD/Metric Tonne +4.0%

• Lumber  372.0 -10.0%

• UBS-Bloomberg Agriculture 1,563.26 +3.7%
• US Gulf NOLA Potash Spot 365.0 USD/Short Ton unch.
  

Economy

• Atlanta Fed GDPNow 1Q Forecast +3.19% +1.0 basis point
  

• ECRI Weekly Leading Economic Index Growth Rate
• Bloomberg US Recession Probability Next 12 Months 65.0% +5.0 percentage points
  

• NY Fed Real-Time Weekly Economic Index 1.47 +37.4%

• US Economic Policy Uncertainty Index 81.3 -35.2%

• S&P 500 Blended Forward 12 Months Mean EPS Estimate 226.02 -.21:  Growth Rate +1.7% unch., P/E 17.9 +.4 
  
• S&P 500 Current Year Estimated Profit Margin 12.30% -4.0 basis points
  

• Citi US Economic Surprise Index 57.0 -4.2 points

• Citi Eurozone Economic Surprise Index 50.0 -2.6 points

• Citi Emerging Markets Economic Surprise Index 26.5 +6.3 points

• Fed Fund Futures imply 0.0%(unch.) chance of -25.0 basis point cut to 4.5-4.75%, 46.8%(-36.4 percentage points) chance of no change, 53.2%(+36.4 percentage points) chance of +25.0 basis point hike to 5.0-5.25% on 5/3
  

• US Dollar Index 102.40 -.64%

• MSCI Emerging Markets Currency Index 1,689.2 +.24%
  

• Bitcoin/USD 28,450.7 +2.3%

• Euro/Yen Carry Return Index 150.53 +2.7%
  

• Yield Curve(2s/10s) -59.0 -19.0 basis points
  

• 10-Year US Treasury Yield 3.50% +14.0 basis points
  

• Federal Reserve's Balance Sheet $8.669 Trillion -.32%

• U.S. Sovereign Debt Credit Default Swap 45.7 +2.3%
  

• Illinois Municipal Debt Credit Default Swap 174.13 -5.1%
  

• Italian/German 10Y Yld Spread 181.0 -8.0 basis points
• UK Sovereign Debt Credit Default Swap 28.3 -3.6%
  

• China Sovereign Debt Credit Default Swap 73.8 -13.5%
  

• Brazil Sovereign Debt Credit Default Swap 228.4 -8.1%
  

• Israel Sovereign Debt Credit Default Swap 58.46 -5.7%

• South Korea Sovereign Debt Credit Default Swap 43.50 +.13%

• China Corp. High-Yield Bond USD ETF(KHYB) 26.69 -.04%

• Atlanta Fed Low Skill Wage Growth Tracker YoY +6.6% unch.
  
• Zillow US All Homes Rent Index YoY +6.3% unch.
  
• US Urban Consumers Food CPI YoY +9.5% unch.
  
• CPI Core Services Ex-Rents YoY 6.15% unch.
  
• Cleveland Fed Inflation Nowcast Core PCE YoY +4.60% -13.0 basis points: CPI YoY +5.22% unch.
  
• 10-Year TIPS Spread 2.35% +12.0 basis points

• TED Spread 43.75 -9.75 basis points
  
• 2-Year Swap Spread 33.25 +1.25 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -18.25 +7.0 basis points

• N. America Investment Grade Credit Default Swap Index 76.03 -11.2%
  

• America Energy Sector High-Yield Credit Default Swap Index 248.0 -11.7% 
• Bloomberg TRACE # Distressed Bonds Traded 455.0 +6.0
  

• European Financial Sector Credit Default Swap Index 100.42 -15.4%
• Deutsche Bank Subordinated 5Y Credit Default Swap 424.7 -16.0%

• Emerging Markets Credit Default Swap Index 229.71 -9.7%
  

• MBS 5/10 Treasury Spread 154.0 -5.0 basis points
  
• Bloomberg CMBS Investment Grade Bbb Average OAS73.0 +17.0 basis points
• Avg. Auto ABS OAS .92 +2.0 basis points
  

• M2 Money Supply YoY % Change -2.4% -70.0 basis points
  

• Commercial Paper Outstanding 1,137.50 +1.7%

• 4-Week Moving Average of Jobless Claims 198,250 +1.0%
  

• Continuing Claims Unemployment Rate 1.2% unch.
  
• Kastle Back-to-Work Barometer(entries in secured buildings) 48.5 +2.4%
  

• Average 30-Year Fixed Home Mortgage Rate 6.84% +5.0 basis points
  

• Weekly Mortgage Applications 227,300 +2.9%

• Weekly Retail Sales +2.9% unch.
  
• OpenTable US Seated Diners % Change from 2019 +129.5% n/a
• Box Office Weekly Gross $131.3M -14.0%
  

• Nationwide Gas $3.50/gallon +.06/gallon

• Baltic Dry Index 1,403.0 -5.8%

• China (Export) Containerized Freight Index 958.4 -1.9%

• Oil Tanker Rate(Arabian Gulf to U.S. Gulf Coast) 57.5 -4.2%
• Truckstop.com Market Demand Index 44.60 -4.4%

• Rail Freight Carloads 233,432 +3.3%
• TSA Total Traveler Throughput 2,462,648 +11.5%
  

Best Performing Style

• Mid-Cap Value +4.3%

Worst Performing Style

• Large-Cap Growth +2.4%

Leading Sectors

• Alt Energy +9.8%

• Airlines +9.5%
• Oil Service +8.7%
  

• Gambling +7.0%
  

• Energy +6.6%
  

Lagging Sectors

• Social Media +.9%
  

• Healthcare Providers +.8%
  

• Digital Health +.4%

• Regional Banks +.3%
  

• Shipping -1.3%
  

Weekly High-Volume Stock Gainers (23)

• AI, PACB, ARCT, FLNC, BRZE, PGTI, UPST, RUN, PATH, DUOL, ENVX, DWAC, ROKU, DOCN, LMND, HCP, EVA, QTRX, INFA and MSTR
  

Weekly High-Volume Stock Losers (4)

• SMTC, RNA, TH and AEHR
  

ETFs

• High-Volume Gainers

• High-Volume Losers

Stocks

• High-Volume Gainers

• High-Volume Losers

*5-Day Change