NASDAQ blows out to all time highs, while China falls into a deep recession. Bitcoin and Crypto remain a 'BlackRock' underwrite (stuck at 60K+) hedge for the pensions funds and U.S. president's, the oil price is caught between a China slowdown and a looming Iran/Israel war. Short end bond yields are up, as inflation appears to be returning. Did it ever go away?

NASDAQ is now trading at all time highs, while a China recession is picking up speed, on the downside (excuse the pun).  Speculation is rampant on Bitcoin, AI and Tech startups, which have everything to do with the Federal Reserve's odd mandate of propping up zombie Tech companies, zombie banks, that don't produce anything nor employ en masse.  But, hey, technology utopian fallacies, ala the Mid Century echo, will set us free.  Right?  Also in the mix is BlackRock, the mega fund which creates financial products that have 'worth' on paper, but tangibly are worth nothing, one has to cynical here, by drawing a line under the BTC price at $60000.  Is BTC a diversifying hedge for pensions funds?  Probably.  Kamala Harris, like her opposite Donald Trump, are now both politically putting their weight behind Bitcoin and crypto to lessen regulatory requirements on the assets-less 'asset'.  Free Market crusaders?  No, just appeasing the handful of Billionaires and Blackrock, that like the idea of peer-to-peer financial exchanges, which will have no extra fees on large value transactions.   

And yet, the global economy is in big trouble from little China, again, excuse the popular culture pun.  Industry bellwethers, above chart, like Caterpillar (pink line) and Boeing (below pane, purple line), particularly Boeing which is in financial trouble, about to cut 10% of its workforce, also not the push and pull of the oil price, as China goes into a deep recession, as its post-COVID stimulus runs dry which only created a plethora of insolvent, over indebted property developers, the oil price has dropped over 4% in Five days.  The geopolitical issues in the Middle East are so serious, it is almost beyond words that a war between Iran and Israel could occur.  Iran has already decreed that any Middle Eastern country that allows Israel to use their airspace for an Israeli bombing run, will have their oil fields targeted.  On top of all that, inflation could be swing back in the U.S. 

Please refer to the above Chart, with the NASDAQ, overlaid with Caterpillar, Boeing (separate pane) share prices.

Current news headlines:

• Boeing will cut about 10% of its workforce amid strike and financial struggles - Forbes

• Caterpillar Stock Is Falling. Morgan Stanley Is Now Bearish - Barrons

• World Bank Warns China’s Slowdown May Deepen, Pressure East Asia - Bloomberg

• Oil futures: Crude prices in retreat, China slowdown weighs - Quantum Commodity Intelligence

• Ripple’s Chris Larsen Makes $1 Million XRP Donation to Support Harris’ Presidential Campaign - Crypto news

• ‘Digitizing The Dollar’—BlackRock CEO Reveals His Radical Plan For AI-Powered Crypto That’s Predicted To Blow Up The Price Of Bitcoin And Ethereum - Forbes

And finally,

• Middle East supply disruption potential could send oil above $100/bbl, Citi says - Reuters

• 6 Reasons Inflation Risks Are Rising and What It Means for Stocks and Bonds - Barrons

• Exclusive: Gulf states must not allow use of airspace against Iran, Iranian official says - Reuters