TLT is now breaking out. The train is leaving the station.
I'm waiting for a pullback before I add. In March 2020 the bond market crashed but the Fed stepped in within a day.
You can see what I'm talking about on the left side with that big Treasury vol spike. pic.twitter.com/EW5sntTtx0
— Mac10 (@SuburbanDrone) September 6, 2024
This week, more data showed recession risks were increasing.
On Tuesday, the Institute for Supply Management’s manufacturing index reported its fifth straight month in negative territory, signaling that the manufacturing sector was in a deep slump. That spooked investors. The Dow Jones Industrial Average
DJIA
-0.54%
fell 1.5% that day, while the S&P 500
SPX
-0.30%
declined 2.1% and the Nasdaq Composite
0.25%
dropped 3.3%.
On Thursday, ADP data showed that 99,000 jobs were added in August. That was a drop compared to the 111,000 jobs added in July, pointing to a slowdown in hiring. It was the slowest monthly job growth seen since early 2021.
All this is building up to the crescendo that is Friday’s U.S. employment report. Remember, it was the employment report released in early August that sparked a market selloff. Wall Street consensus estimates the August unemployment rate at 4.2%, according to FactSet data. If the unemployment rate comes in higher than expected, it could lead to a negative reaction by markets. But even if it doesn’t, investors still may still be on edge.
“Friday has all the makings of an exciting morning, as the market digests the August employment report heading into the September 17-18th FOMC meeting,” Joe Davis, Vanguard’s global chief economist, wrote in a note. “We expect headline job growth will be modestly encouraging, but acknowledge supply-driven volatility in the unemployment rate will likely decide the magnitude of September’s rate cut.”
Commodities new 52 week low in the ongoing everything crash foreseen by no one. pic.twitter.com/SZZM2RwyL9
— Mac10 (@SuburbanDrone) September 6, 2024
Cryptos are sliding below their August lows.
There is now major weekend risk in global markets. pic.twitter.com/MvFT3Lpp12
— Mac10 (@SuburbanDrone) September 6, 2024
Extreme Fear’ – CRYPTOCURRENCY COLLAPSING
The bitcoin price has dropped towards $50,000 per bitcoin, down with the combined crypto market plunging under $2 trillion level as fears swirl the U.S. dollar is on “the verge of a total collapse.”
BitcoinBitcoin -4.5% and crypto—including top ten coins ethereum, BNBBNB 0.0%, solana, XRPXRP 0.0% and dogecoin—have crashed after a serious Goldman Sachs warning.