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Bad Macro, Worse Micro, But Biden Batters Big Caps As Bitcoin, Bonds & Bullion Rip 'Mixed' - markets, macro, and micro - today GDP's secondary print showed weaker consumption and a slight decline in growth and PCE from the primary print (bad is good). Then the 4-week moving average of jobless claims printed at 8 month highs (bad is good). And then Pending Home Sales puked hard (bad is good). But all that 'bad is good' was dominated by the 'bad is bad' from earnings narratives around software (CRM) and the consumer (KSS). And that prompted rate-cut expectations to increase modestly... Source: Bloomberg ...and dragged Treasury yields lower (with the 2Y now lower on the week)... Source: Bloomberg  Late in the day this HL scrolled across BBG: - *US IS REINING IN AI CHIP SALES TO MIDDLE EAST BY NVIDIA, AMD - and NVDA tanked... And that dragged the majors to the lows of the day. Small Caps were squeezed higher (+1%) but the rest of the majors were red with NVDA smashing Nasdaq to be the unde...