Author: Zero Hedge

Massive Short-Squeeze Sends Stocks Soaring As Macro Massacre Continues

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Massive Short-Squeeze Sends Stocks Soaring As Macro Massacre Continues
You can’t make this shit up… two more disappointing US Macro data points today (GDP and pending home sales) sent the US Macro Surprise Index to its weakest since Sept 2021…

Source: Bloomberg

That bad news is apparently being seen as good news by the market as rate-hike expectations slipped further

Source: Bloomberg

Is The Fed really going to fold that easily?

Which brings us to the equity ‘market’ today. After dropping 1% after yesterday’s close on the back of NVDA’s earnings, Nasdaq futures drifted sideways to slightly higher all

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“This Is A Crucible Moment” – Sequoia’s Ominous Warning To Companies On How To “Avoid The Death Spiral”

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“This Is A Crucible Moment” – Sequoia’s Ominous Warning To Companies On How To “Avoid The Death Spiral”
“This is not a time to panic. It is a time to pause and reassess,” begins the thought-provoking presentation from veteran venture capital firm Sequoia Capital.

But that’s about as ‘positive’ as they get as the founders of the firm warn of a prolonged market downturn and urges the startups in its portfolio to preserve cash and brace for worse to come.

“We believe this is a Crucible Moment, one that will present challenges and opportunities for many of you.

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Thank Retail Investors The S&P Is Not In A Bear Market, And For All Those Last Hour Ramps

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Thank Retail Investors The S&P Is Not In A Bear Market, And For All Those Last Hour Ramps
There was a curious observation in this morning’s note from the BofA trading desk: the bank’s traders pointed out something we first brought attention to last night, namely the surprising last-hour ramps in spoos in the last hour of trading, and those reponsible for it: “Participants will be watching for another post lunch rally, as the SPX has now closed above the mid-session point for 4 days – the longest streak in 2 months,” BofA wrote. 

So what’s going on

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Best Day For Discretionary Stocks Since COVID-Crash As Consumer Recession Bets Get Steamrolled

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Best Day For Discretionary Stocks Since COVID-Crash As Consumer Recession Bets Get Steamrolled
A week ago, following dismal guidance by Walmart, Target indicated that it is seeing a shift in the consumer wallet away from the pandemic purchases and into reopening purchases – including apparel – and the pace of this shift caught some retailers off guard on inventory. WMT, COST, and TGT all saw their stocks fall sharply last week as investor concerns around a US consumer slowdown mounted and investors reconsidered just where, if anywhere, you can play “defense” in the current market.

But as Goldman’s Chris

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“The Fed Is Fuct…”, Part 2

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“The Fed Is Fuct…”, Part 2
Via AdventuresInCapitalism.com,

Part 1 is here.

Let’s try a thought experiment here.

  • Fast forward into winter.
  • The Fed has been on autopilot and has continued to raise rates.
  • They’ve managed to crush risk assets and the “negative wealth effect” is rapidly filtering through to the consumer economy.
  • All the guys trading meme stonks and monkey JPEGs have now returned to their prior jobs and the supply chain is “healing.”
  • Wage growth has slowed dramatically, and the influx of labor has led to an increase in unemployment.
  • On a year-over-year basis, every economic metric
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Unicorn Bust Gains Momentum As Payments Startup Bolt Axes Third Of Staff

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Unicorn Bust Gains Momentum As Payments Startup Bolt Axes Third Of Staff
Layoffs at technology firms are only getting started, and the real carnage could be just ahead. The latest sign of what happens when financial conditions tighten is at payment startup Bolt Financial Inc., which decided to axe 250 employees, according to Bloomberg, citing people familiar with the situation. 

In a memo on Wednesday, Bolt CEO Maju Kuruvilla informed employees about staffing cuts and broader restructuring.

“It’s no secret that the market conditions across our industry and the tech sector are changing, and against the macro challenges,

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Twitter Investors Sue Elon Musk, Alleging He “Manipulated The Company’s Stock Price Lower”

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Twitter Investors Sue Elon Musk, Alleging He “Manipulated The Company’s Stock Price Lower”
Among the headaches that Elon Musk faces regarding his proposed takeover of Twitter is now an investor lawsuit claiming that Musk “manipulated the company’s stock price downward” during the course of his involvement in the company.

Investors are alleging that Musk saved himself $156 million by not reporting, in a timely fashion, that he had purchased more than 5% of Twitter by March 14, a new report from Bloomberg/Yahoo says. 

The investors also asked to be certified as a class and to be awarded both 

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Spectacular, Blowout 7Y Auction Stops-Through With Best Metrics Since March 2020 Covid Crisis Peak

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Spectacular, Blowout 7Y Auction Stops-Through With Best Metrics Since March 2020 Covid Crisis Peak
After two solid auctions, when demand for both 2Y and 5Y paper was well above average, moments ago the Treasury concluded the week’s final coupon auction when it sold $42 billion in 7Y bellybusters in what was one of the strongest “curve belly” auctions on record.

The auction priced at the highly appropriate 2.777%, which was a sharp drop from last month’s 2.908 and also stopped through the When Issued 2.801 by 2.4bps, the biggest stop through since the March 2020 covid crisis peak.

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‘Insiders’ Are Buying This Dip

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‘Insiders’ Are Buying This Dip
The Nasdaq is in the middle of its worst drawdown since the Lehman crisis and the Dow just suffered its longest losing streak in 99 years.

As that is happening, faith in The Fed is crumbling as Powell faces the central bankers’ nemesis of stagflation… and all in an election year (threatening the confidence in The Fed’s independence should it falter from its path of uber-hawkishness).

According to the latest BofA Fund Manager Survey, the grim ‘market’ has sent investors reeling with those equity funds tracked by EPFR Global suffering six straight weeks of

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Restaurants’ Share Of Food-Dollar Grows To Record 54.9% In April

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Restaurants’ Share Of Food-Dollar Grows To Record 54.9% In April
By Nation’s Restaurant News

Restaurants continued to increase their share of spending in April, reaching 54.9% of the food dollar, according to U.S. Census data released Tuesday. That was a 260-basis-point increase from April last year, when the share was 52.3%, said analyst Mark Kalinowski, president and CEO of New Jersey-based Kalinowski Equity Research LLC.

“Even more impressively, as best as we can tell, this 54.9% market share figure for April 2022 is an all-time monthly high for the U.S. restaurant industry,” Kalinowski said in a note released Tuesday

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