An ugly jobless claims print was the day's early catalyst sending yields significantly lower, stocks, gold, oil, and crypto higher and the dollar down with rate-cut expectations re-ignited... {chart} A dovish shift supported stocks - which had a "squeezey feel" amid very low liquidity... {chart} Goldman's trading desk noted that while yesterday was the lightest notional session all year in the US, today is looking to be even slower (tracking down -2% vs. yesterday), which probably helped the liftathon... The Dow and Small Caps led the way - up almost 1%, and Nasdaq lagged on the day - barely holding on to green... (full story)