But first, this last gasp rally was compliments of a "trade deal" with Europe on automobiles. The only U.S. sector not rallying is automobiles, which have been clubbed by trade wars:
Deja vu of Q4 earnings AND Q1 earnings:
Way back on April 10th Mark Zuckerberg was hauled in front of Congress to explain why his platform was so effective at rigging elections. During that testimony he announced that Facebook was going to "make changes" to put people ahead of profits. The stock tanked. Soon after, Jeff Gundlach announced he was short Facebook. Yet when Q1 was reported on April 25th, and there had been no impact to profits and revenue, the stock bolted higher.
Making a new all time high. Today.
It turns out that Gundlach wasn't wrong, he was just early, because after hours ALL of the Q1 rally gains evaporated:
The company's top executives delivered a few scary warnings:
Effects of privacy changes
Of course we already know which stocks were holding up the entire Nasdaq/S&P 500:
"Investors did not see this coming. The Nasdaq Composite Index hit a record during trading Wednesday as investors crowded back into the FANG names once again"
Facebook’s nightmare guidance will spook tech investors with a near term white knuckle period ahead"
Despite a new all time high in the Nasdaq Composite today, the number of stocks making new 52 week highs, declined (lower pane):