Fourth day of losses for S&P 500 with cautionary headlines on mega-cap tech downgrades and AI irrationality warnings
Speaker2
Kevin Green
Breaking down for fourth straight day with defensive trade occurring - utilities were green, consumer staples catching bid, low beta/high yield equity trade as flight to safety
Kevin Green
Not a sell everything flush event yet, VIX at 24-25 usually doesn't stay high for long, closer to end than beginning
Bitcoin crossing below 90,000 with strong correlation to mega-cap tech risk on/off, questioning if canary in coal mine
Speaker2
Kevin Green
Seeing deleveraging in AI and crypto narratives, cryptocurrency markets overleveraged trading at premium to NAV
Kevin Green
ADP showing slack in labor market with 2,500 job losses, Fed members cautious about labor market cracking more than data shows
Kevin Green
Utilities performing well as traditional names with decent dividend yields attractive in lower rate environment, lower beta sector