Monday, stocks gained 0.6% in Asia, ended unchanged in Europe, and closed down slightly in the U.S. on 11B shares traded. The 10-Year U.S. Treasury bond yield rose 2% to close at 3.98. Precious metals fell 1% and their miners dropped twice that amount.
Tuesday, stocks closed unchanged in Asia, in Europe, and in the U.S. on 11B shares traded. The VIX rose 5% to close at 19.59. Precious metals fell 3% and their miners lost 4%. Dow Jones Industrial Average and the S&P 500 Index closed below 33,000 and 4000 respectively. IBM ended below its 130 benchmark. Fed chair Powell’s hawkish jawboning to Congress gave some bulls something to cool their jets.
Wednesday, stocks fell 1.5% in Asia, ended little changed in Europe, and closed unchanged in the U.S. on 10B shares traded.
Thursday, stocks ended unchanged in Asia, down slightly in Europe but fell 1.9% in the U.S. on 12B shares traded. The VIX shot up 18% to close at 22.61 and pivot to the fear region.
Friday, stocks plummeted 2.5% in Asia, 1.3% in Europe, and 1.6% in the U.S. on 15B shares traded. The VIX rose 10% to finish at 24.80 for the week. The 10-Year U.S. Treasury bond yield fell 3% to close at 3.70. Precious metals and their miners gained 2%. The Dow, S&P 500, NYSE ended below their respective 32,000, 3900, and 15,000 levels. Apple ended the week below the 150 level.
The non-news came from the BSL February jobs report. Each one comes in more ridiculous than the one preceding it. This investment week summary will no longer waste space with the adjustment-ridden fantasy until the Bureau of Statistics for Labor (the name change is intentional) stops the gross statistical manipulation.
The big news came when $200 billion Silicon Valley Bank went underwater along with its and closed its doors — capping off a rough week for stocks as they lost nearly five percent. Cryptos lost ten to twenty percent. Finally, the Federal Reserve balance sheet remained at 8.34T.