DC Lite #173

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1. Jobless claims. Initial claims jumped 14k to 249k (vs. 236k est), the highest in nearly a year, while continuing claims surged by 33k to 1,877,000, the highest since November 2021.

2. Shipping rates. The Shanghai Containerized Freight Index is up 257% YoY.

3. Credit spreads. "Credit spreads [made] a big move today. Biggest daily spike since January. Hitting highest level since February."

4. Breadth: Dotcom vs. today. The late 1990's "cycle was much narrower than this one. This gives me some comfort that the current rotation doesn’t have to end in tears ... Note how that final push to new highs in 2000 happened while 80% of stocks were in downtrends. Now that’s narrow!"

5. Earnings season volatility. “If it’s felt like a volatile earnings season, that's because it is. In fact, this has been the most volatile earnings season since the financial crisis.”