Futures Soar After Report David Tepper Covers Nasdaq, Treasury Short

Futures Soar After Report David Tepper Covers Nasdaq, Treasury Short

After tumbling as low as 3960 a few hours earlier, the lowest since April 2021, futures have reversed and are spiking higher not just due to the sporadic dip buying attempts discussed earlier but because CNBC’s Jim Cramer reported moments ago that hedge fund legend David Tepper, whose “Balls to the Wall” comment 12 year ago sent stocks soaring higher, has covered his Nasdaq – and more importantly – Treasury (which is just another long duration proxy) shorts.

The market reaction has been quick and powerful, with Eminis now at session highs and more than 80 points above session lows…

… Nasdaq futures surging…

… and with 10Ys tumbling to 2.95% and sliding lower as buying duration is suddenly all the rage again…

… and just 20bps away from the 2.75% bogey we noted yesterday when the 10Y was trading at 3.20%.

Tyler Durden
Tue, 05/10/2022 – 09:03

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