China remains closed for Golden Week but offshore yuan was extremely active overnight, flash-crashing below key support and back…

And the China ETF was slammed down over 2% today…

Another odd day in Italian stocks – yesterday they were panic bid and slumped to unch, today panic sold and bid to unch..

But BTPs were blasted higher in yield to 4-year highs…

In the US, The Dow surged to a new record high today… but Small Caps collapsed. Powell spooked stocks very briefly at around 1245ET…rebounded, then faded… The Dow went out near HoD, Russell near LoD… (on the day, the S&P was unchanged, Dow up and the rest red)…

Another major divergence between big (Dow) and small (Russell 2000) stocks as the former soars relative to the latter and erases any relative performance YTD…

This is the biggest outperformance of Dow over Small Caps since Oct 2011.

Both are now up just over 8% on the year… (Trannies are worse. Nasdaq best)

This is the biggest Small Cap slump since July, and it broke below its 50- and 100-DMA…

Small Caps and Mid Caps have both rolled over hard, with only Big Caps holding on…

FANG Stocks are all lower today…

And while tech and financials were weak, the former’s relative outperformance has stalled…

And while all this uncertainty is swirling, the spread (risk) of US HY Corporates is at its tightest since July 2007…

Despite gain on the Dow, UST Bonds were also bid, with yields 1-3bps lower on the day… leaving them all lower on the week…

10T yields fell 3.5bps, but remain above 3.00%… (though this is the lowest yield close since 9/17 when yields were below 3.00%)

and the yield curve flattened…back below Fed rate hike levels…

The Dollar ended the day higher but sold off overnight gains into the European close before bouncing in the afternoon…