It took the assassination of a man who everyone else knew better than to assassinate to push the S&P 500 to a weekly loss.
Thanks to Friday's slide (the worst in a month), US equities slipped 0.2% on the week after an MQ-9 Reaper drone incinerated a convoy carrying Qassem Soleimani, Iran's most revered general and the most feared intelligence operative in the Mideast.
Were it not for the Trump administration's brazen, extraterritorial execution, the S&P would have almost certainly logged a 12th weekly gain in 13. Instead, a five-week win streak is just as dead as the general, although unlike Qassem, stocks will have a chance to rebound next week.
Note the simple chart in the bottom pane. The long-bond ETF had its second-best day since August, which, you'll recall, was the best month for US government debt since 2008.
Let that sink in - there's a lot of chatter on Friday evening about a "muted" market reaction. To be sure, you could argue that stocks "should" have fallen more given the gravity of what unfolded in Baghdad, but 10-year yields retreated ~9bps on the session. That's a big move. Prior to December 3, the last time TLT rose this much in a single session, Dona
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