How are equities and oil trading this weekend? @HyperliquidX

Here's how global assets performed in the week ending May 1, 2026. #investing

🇺🇸 US high-frequency dashboard, composed of daily and weekly economic indicators (updated as of May 1, 2026). #economy

🇺🇸 The gap between PMI and the ratio of cyclical versus defensive equities remains large.

🇺🇸 The ISM Manufacturing price index surged to the highest level since early 2022, pointing to significant pipeline inflation.

🇺🇸 Looking beyond Q1, the Atlanta Fed’s initial Q2 GDPNow reading is 3.7%.

🇺🇸 Here’s annualized core PCE inflation over different trailing periods.

🇺🇸 Q1 GDP expanded at a 2% annualized rate, below the 2.3% consensus estimate, driven by a boom in AI-related investment.

🇺🇸 Rates markets are no longer pricing for cuts in 2026.

🇺🇸 US national average gasoline price jumped to a new local high.

🇺🇸 The Conference Board consumer confidence index unexpectedly climbed but remained subdued.

🇩🇪 The GfK consumer confidence plunged to its lowest level since February 2023, pointing to a significant retrenchment in consumer spending ahead.

🇨🇳 China industrial profits rose 15.5% Y/Y for the first three months of the year. The March single-month year-over-year growth rate was 15.8%.

How are stocks and oil trading this weekend? @HyperliquidX

US equities are trading at a 41% premium to the rest of the world, based on forward P/E.

🇺🇸 Market-based inflation expectations are rising across the curve.

Here's how global assets performed in the week ending April 24, 2026. #investing

🇺🇸 US high-frequency dashboard, composed of daily and weekly economic indicators (updated as of Apr. 24, 2026). #economy

Equities have decoupled from the price actions of bonds and oil.

The PHLX semiconductor sector index (SOX) extended its winning streak to 18 consecutive sessions. It has also reached all-time highs 25 times this year.

Semiconductor stocks have risen for 17 consecutive sessions, the longest streak ever.

🇺🇸 Las Vegas visitor volume returned to growth in February.

The AAII Bull–Bear spread (retail investor sentiment) turned positive for the first time since mid-February.

🇺🇸 The S&P Global manufacturing PMI surged to a near four-year high, though this strength was partly due to firms building safety stocks in anticipation of supply shortages. The services PMI returned to expansion, but the expansion was the second-weakest in a year as new business growth slowed.

🇰🇷 South Korea's Q1 GDP growth jumped.

After popping higher when the Iran conflict started, our Treasury Dislocation Index has eased this month, suggesting individual Treasuries are trading closer to their fair-value estimates.

🇺🇸 The Fed chair nominee, Kevin Warsh, noted during his testimony that he prefers “underlying” inflation gauges, such as “trimmed average” and “median” inflation. Here are the Cleveland Fed’s comparable measures.

🇺🇸 The Atlanta Fed’s GDPNow model is now tracking Q1 GDP at 1.2%.

🇺🇸 US financial conditions have eased significantly this month, fully unwinding all the tightening since the Iran conflict began.

🇺🇸 Consumption growth, unsurprisingly, tends to decline after gas prices surge. The current path, based on our real-time consumption growth estimate, is tracking the historical median closely.

🇺🇸 US high-frequency dashboard, composed of daily and weekly economic indicators (updated as of Apr. 17, 2026). #economy

🇺🇸 US high-frequency dashboard, composed of daily and weekly economic indicators (updated as of Apr. 17, 2026). #economy

The S&P 500 financials sector broke above its 200-day moving average.

The VIX fell for eight consecutive days, the longest streak since November 2023.

🇩🇪 Germany’s DAX broke above its 200-day moving average.

🇺🇸 The cyclically-adjusted (Shiller) P/E remains elevated (inverted in the chart below), which does not bode well for long-term equity returns.

🇺🇸 Initial jobless claims fell to 207K, below consensus, signaling limited layoffs.

🇺🇸 The Philadelphia Fed’s manufacturing index surged, crushing expectations. New orders hit the highest level since late 2021, though employment fell back into contractionary territory. Price pressures surged.

🇪🇺 Our timely tracking of euro area growth has softened meaningfully, with Germany near stagnation.

🇨🇳 China's economy expanded by +5.0% Y/Y in Q1, above consensus (+4.8%). On a quarter-over-quarter basis, growth accelerated to 5.3% (SAAR).

🇺🇸 Mentions of "uncertainty" in the Beige Book jumped.

🇺🇸 The New York Fed’s Empire State Manufacturing Index unexpectedly surged into expansionary territory, smashing expectations.

🇺🇸 The Nasdaq composite has gained for 10 consecutive days, the longest winning streak since 2021. $QQQ

🇺🇸 The S&P 500 energy sector entered a correction. $XLE

🇺🇸 March headline PPI rose 0.51% month over month, while core PPI inflation was even tamer at 0.09% month over month, both well below consensus.

🇺🇸 Existing home sales fell, missing expectations, reflecting a soft labor market, weak consumer confidence, and affordability issues. The decline mostly predates the recent jump in mortgage rates, suggesting further weakness ahead.

Global equity forward P/E by country –

Stocks down & oil up, as US and Iran fail to reach a deal. Source: @HyperliquidX

Here's how global assets performed in the week ending April 10, 2026. #investing

US equities are trading at a 36% premium relative to the rest of the world.