The market moved fairly sideways for the most part, with the exception of a brief snag with the global Internet after Fastly’s CDN fell into some troubles.
As the situation resolved, equities fell marginally, but soon recovered as the crisis was settled. “Buy value, sell Hysteria,” as the saying goes.
- CHF leads, GBP lags on the day
- European equities a little higher; S&P 500 futures up 0.2%
- US 10-year yields down 2.9 bps to 1.54%
- Gold flat at $1,899.30
- WTI down 0.9% to $68.63
- Bitcoin down 3.8% to $33,130
European indices are currently maintaining small gains, but US futures are more mixed, with Nasdaq futures leading the way. Even on days like this, keep in mind that the rotation play is still quietly going about its work in the larger picture.
Things were calm in the forex market, with the dollar maintaining a tiny lead against certain major currencies and trailing a little against others.
There is a sense of anxiety as the technicals remain in place for the time being, with little conviction to commit to any firm moves.
- A global Internet outage has been reported, the problem has been detected, and a solution is being deployed, according to Fastly.
- US May NFIB small business optimism index was 99.6, compared to 101.0 expected.
- Final GDP in the Eurozone for Q1 was -0.3%, down from -0.6% in the second estimate.
- Bitcoin is struggling to keep afloat as the downtrend appears to be continuing.
- Japan May economy watchers survey current situation 38.1 vs 34.0 expected
- Germany reports 1,204 new coronavirus cases, 140 deaths in latest update today