The volatility continues in a big week of earnings and economic data before next week’s FOMC rate decision. @mreinking breaks down the trading in #NYSEBriefs. pic.twitter.com/dVvx9nwuuY

As of the first quarter this year, ratio of S&P 500’s market cap to nominal GDP spiked to highest since end of 2021 pic.twitter.com/ieovbg0NgG

April Kansas City Fed Manufacturing Index fell further to -8 vs. -5 est. & -7 in prior month … new orders improved but stayed in contraction; both shipments and production fell further into contraction; prices paid moved higher … employment fell back into contraction pic.twitter.com/CEJHSblnhh

Per below, the whole US yield curve shifted up in reaction to the data (see prior post), including the 2-year which traded above 5% as markets pushed to December the expectation of the first rate cut by the #FederalReserve. (Amazing to think that, just four months ago, #markets… pic.twitter.com/gmZDG1xxGU