Rates rip higher and the curve steepens dramatically; stocks tumble, semis suck, tech stumbles, banks burst higher; industrial commodities jump; and the dollar spikes – in other words – it's opposite day.

Futures show US equities stable and positive for most of the Asia session but begin to lose steam as Europe opened, accelerate lower into the US cash open, bounce to European close, then slide further… until headlines about Rosenstein telling Trump he was not target of Mueller investigation sent stocks higher, then headlines about emergency powers against China sent stocks lower…

On the day, Trannies underperformed, Dow was best but the entire complex jumped and slid in the last 30 mins on Rosenstein and China headlines…

 

Trannies remain best on the week, with the Dow lagging (though still up 1%)…

 

 

Tobacco stocks collapsed over 12% today – the biggest drop since 2002 – thanks to ugly number from Phillip Morris…

 

Semis were slammed lower today (worst day since June 2016) as ASM disappointed… (following Lam Research and Taiwan Semi)

 

And AAPL suffered on the back of semis weakness… (biggest drop since early Feb)

 

Financials outperformed tech today – erasing the week's tech outperformance…

 

Stocks (down) and Bond yields (up) recoupled today…

 

Today bonds and stocks both sold for the biggest aggregate drop in a month…

 

Treasury yields rose once again today…

 

Breakevens soared to 4-year highs as inflation hopes are back…

 

The yield curve extended yesterday's steepening rebound but stalled at recent resistance…

 

10Y Yields are back to pre-rate-hike levels…

 

The Dollar Index surged today – jumping most in a month – back to Fed rate hike levels…