Well that escalated quickly...
NASDAQ is down over 1% since Trump's "Fire & Fury" comments...
FANG Stocks have nearly erased all of their post-NFLX-earnings gains...
As the entire crew all falter (led today by NFLX after Disney's bombshell).
On this day 10 years ago, money markets started to seize up, requiring heavily-coordinated central bank action that launched an extraordinary period of central bank activity that is still in full swing today.
US non-farm productivity rose 0.9% QoQ in Q2, slightly better than the 0.7% growth expected and a notable bounce off the 'zero' in Q1.This rebound was largely due to disappointment in the growth of unit labor costs (which rose just 0.6% in Q2), but saw an outrageous upward revision in Q1 (from +2.2% to +5.4% QoQ).
Extending its overnight safe-haven buying within Asia, gold has spiked above recent highs - to its highest since early June - following President Trump's latest tweet on America's nuclear arsenal...
At the same time every effort is being made - by crushing VIX - to save stocks from a more perilous drop.
One of the recurring themes of broad market complacency has been traders' unwillingness to price in, or even react, to surging geopolitical risk.