How bad was today's stock market decline? Of the 11,406 trading days since January 1980, only 29 had larger declines.

S&P 500 companies are experiencing the worst earnings revisions since the onset of Covid 🚨

The Gold ETF is now outperforming the S&P 500 ETF over the last 20 years... $GLD: +619% $SPY: +579% bilello.blog/newsletter

The Fed's worst nightmare just got worse: New data showed that US GDP CONTRATCTED by -0.3% in Q1 2025, while +0.3% growth was expected. To make things worse, the GDP Price Index surged to +3.7%, its highest since August 2023. What does Powell do now? (a thread)

After a 22% rally from the April 7 lows, the S&P 500 is now up on the year. One of the biggest short-term comebacks in market history. $SPX bilello.blog/newsletter

BREAKING: The 10Y Note Yield surges to 4.36% after the June jobs report crushes expectations. While the unemployment rate was expected to rise to 4.3%, it FELL to 4.1%. The bond market thinks Powell has even more of a reason to not cut rates here.

Good Morning from Germany, where the yield curve is steepening. The gap between 2-year and 30-year bond yields has widened to its highest level since 2019 — driven by growing concerns over a looming surge in German govt debt.

La question de la distribution des revenus entre actifs et retraités au sein des pays de l’Ocde. La France à une position particulière puisque ceux qui financent les retraites ont un revenu inférieur à celui de ceux qui sont financés. Toutes choses égales par ailleurs, quelle

Prêt pour Les Vredestein 20km de Paris dimanche. Ma course préférée. Mais c’est + que ça : Sécurité avec une formation défibrillateurs par la Sécurité Civile 🙏 Rencontre avec l’association Bleuet de France dont je porterai les couleurs grâce à QUAERO CAPITAL #CAP #CFARunninTeam CFA Society France

U.S. Credit Spreads fall to lowest level since 1998 🤯👀

Software stocks have lost a third of their value since the end of October.