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Tuesday, October 1, 2024

Strikes (Missiles & Dockworkers) Spark Surge In Oil, Gold, & Bonds; Big-Tech & Bitcoin Battered

 

Strikes (Missiles & Dockworkers) Spark Surge In Oil, Gold, & Bonds; Big-Tech & Bitcoin Battered

by Tyler Durden
Tuesday, Oct 01, 2024 - 01:00 PM

Today's mixed macro picture (construction spending down, National Manufacturing surveys and Dallas Fed in contraction offset by surge in JOLTS) was overwhelmed by Strikes (from Iranian missiles and American longshoremen).

The widespread union strike deadline passed and bond markets shifted lower in yield on that news overnight. Then as Iranian missiles rained down on Israel, investors poured into safe-havens (bonds, gold) and dumped stocks as oil prices re-discovered geopolitical risk premium.

Source: Bloomberg

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