WEDNESDAY WAS BRUTAL:
Magnificent 7 lost nearly $2 TRILLION in market cap in 10 days.
This equals ~50% of Apple's value, world's largest company.
Amazon, Apple, Google, Meta, Microsoft, NVIDIA, and Tesla combined saw largest daily loss since Oct 2022👇t.co/i6teU5IH8V
— Global Markets Investor (@GlobalMktObserv) July 25, 2024
Global Stocks Tumble on AI-Bubble Burst Fears
US equity futures are lower but well off their worst levels, after a rout in Japan sent the Nikkei tumbling, hammered gold and crypto as the yen carry trade unwound – if only until next week when the BOJ inevitably disappoints yet again. As of 7:50am, S&P futures were 0.1% lower, while Nasdaq futs dropped 0.2%, with tech giants are mixed pre-market trading: AAPL -43bp, NVDA -20bp, AMZN +23bp, GOOG/L +27bp. Wednesday’s session was a bloodbath: the index finally broke a 356 day streak without a down 2% (or greater) move – the longest streak since 2007, when it went 943 days without a down >2% move – as the S&P fell -2.3% (worst day since Dec ’22), NDX fell -3.7% (worst session since Oct ’22), Mag Seven -6% (worst session since Nov ’22), AI winners down -5% to -10%, and Index vol spike (VIX > 18 for first time since April). Bond yields are 5-8bp led by the front end. Commodities are weaker: WTI fell -1.8%; base metals are mostly lower. The USD is lower but also well off its worst levels. Today, the macro data focus will be 2Q data release: Consensus expects GDP to print 2.0% QoQ saar vs. 1.4% prior, driven by a rebound in personal consumption to 2.0% vs 1.5% in Q1.
www.zerohedge.com/markets/futures-drop-japan-european-stocks-tumble-ai-bubble-bursting-fears
Gaslight-Ponzi MultiBubble™️:
Autos = "Luxury" Car Bubble
Real Estate = Fake Estate Bubble(s)
Semiconductors = Semi(almost)AI Bubble
Tech = Mag7 Last Pump Blow Off Bubble
Crypto = PayPal Ponzi 4.0 Bubble
Bonds = "We told you so" t.co/wdr091nQCL— GuerrillaGorilla (@gugoio) July 25, 2024
🚨CRASH ALERT🚨
1929 VS 2024
Lots of pain coming .
Unemployment rate 20%
Housing CRASH 50% to 60%
Junk bonds to implode.
Euro dollar demise .
IMF demise.
Quadrillion dollar deleveraging event .
Banking implosion .
US national deficit 100 trillion .
GOLD 100k pic.twitter.com/UhRY4l3EaV— The Great Martis (@great_martis) July 23, 2024
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