Gold, Stocks, & Bonds Jump As 'Bad’ Jobs News Reignites Rate-Cut Hopes

The sudden surge in initial jobless claims this morning was met with a significant across-the-market reaction (amid low levels of liquidity – Goldman noted yesterday was the quietest market day this year).

Rate-cut hopes jumped…

Which sent bond yields lower…

…and stocks higher…

The dollar dropped…

…sending gold higher…

This level of 'data dependence’ in an illiquid market will not end well.