September made no sense.

September made no sense.

Stocks barely moved, bonds had their worst month in years, and crypto had its best month in 8 months.

Here's how everything played out:

🖱 S&P 500 fell -0.59% but overall 78% of S&P 500 stocks fell in September.

🖱 Fed hiked rates by 25 bps, yet Nasdaq gained +3.9% during the month, and hit a new ALL TIME HIGH.

🖱 AI was holding the U.S. markets up, adding $1.7 TRILLION in market value since August end.

🖱 Bonds were where the real September crash happened.

🖱 US 10-year Treasury yield reached its highest level since 2002, up 54 basis points alone this month.

🖱 US30Y hit a new 22-year high at 5.612%.

🖱 The US Treasury spent $5.1 billion in long term bond buybacks.

🖱 Volatility in bond markets spiked, MOVE Index, the VIX for Treasury bonds jumped nearly 30% this month.

🖱 WTI crude crossed $106, its highest in 4 months.

🖱 Crypto has outperformed all the global stock markets, up 12.55% despite the CLARITY Act failing. Total Crypto market cap reclaimed $3T for the first time in 8 months.

🖱 BTC reached $87000, and ETH crossed $2,800 giving their highest monthly close in 9 months.

✔️ @venture