S&P 500 Bears Remain In Control – Job Market Spark
S&P 500 bears didn‘t disappoint yesterday, remaining in control as the focus shifts to recession signs. Both ISM services PMI and non-farm payrolls employment change data continued on Tuesday‘s note, and the short end of the curve is reaching for fresh lows, with 10-y yield well below those (at 3.30% already). This is not what any risk-on drive thanks to stabilization in financials looks like – the deposit outflows continue, and Fed isn‘t capitulating in its still tight drive, exposing the prior rally to be only a bear market one (you knew). Job market deterioration is getting increasingly con...