| Amazon stumbles, Robinhood flops and delta rages. Amazon.com Inc.'s winning streak came to an abrupt end on Thursday as the retail giant reported sales and gave a forecast that fell short of expectations. Investors overlooked better-than-predicted profits and a strong performance in the company's advertising and cloud units, and focused instead on slowing growth in the core e-commerce business. It was the first time Amazon missed quarterly sales estimates since 2018, and comes in the wake of Jeff Bezos stepping down as CEO earlier this month. The shares were lower in U.S. pre-market trading. Meanwhile, Apple Inc. tapped the bond market on Thursday with a $6.5 billion sale to help fund share buybacks. Robinhood Markets Inc., the name synonymous with meme-stock mania, failed to drum up much excitement for its IPO as the online broker posted the worst debut ever for an offering of its size. The stock tumbled almost immediately after opening at $38 a share to close at $34.82 for the day. The flop raises doubts about the company's long-term prospects, particularly as its relationship with its users appears strained. Still, some early investors earned astounding returns, and there was at least one big-name buyer: Cathie Wood, whose ARK Innovation exchange-traded fund purchased almost 1.3 million shares. News reports suggest the delta variant is more infectious and can cause more severe illness than previous strains of the virus, potentially vindicating new federal and state-level restrictions on assembly. President Joe Biden will require federal workers to prove they've been vaccinated or wear masks and submit to frequent testing. Japan expanded a state of emergency to areas surrounding Tokyo and extended it to the end of August, as a record virus surge unfolds amid the Olympics. In the U.K., businesses say there are signs the "pingdemic" of workers told to self-isolate is starting to ease as infection rates fall from a week earlier. Global stocks are down as Big Tech's slowing growth and risks from China's regulatory crackdown weigh on sentiment. Overnight the MSCI Asia Pacific Index fell 1% while Japan's Topix index declined 1.4%. In Europe the Stoxx 600 Index was 0.5% lower by 5:28 a.m. Eastern Time. S&P 500 futures were down, the 10-year Treasury yield was at 1.24%, gold rose and oil slipped. Personal income and personal spending figures arrive at 8:30 a.m., followed by the University of Michigan consumer sentiment index at 10 a.m. It's another busy earnings day with Procter & Gamble Co., Exxon Mobil Corp. and Abbvie Inc. among companies reporting. Here's what caught our eye over the last 24 hours. - Fund manager nursing loss in China stocks made 'mistake.'
- Archegos was too busy for margin calls.
- Germany to allow funds to hold up to 20% in crypto.
- Carl Levin, ally of U.S. auto industry in Senate, dies at 87.
- Doping talk rears its head after Russian swimmers win.
- Huge collection of bizarre, rare pianos is coming to auction.
- Biggest U.S. earthquake in more than 50 years strikes Alaska.
Much has been made of the fact that Treasuries have been a pretty lousy buffer when it comes to cushioning equity market pullbacks. Turns out high-grade corporate bonds are losing their luster as well. JPMorgan Chase strategists crunched the numbers and found that prices on investment-grade bonds and U.S. stocks are the most positively correlated since 1997 on a one-year trailing basis. If you broaden that out to a three-year trailing basis, total returns for the two asset classes are still moving in tandem by the most since 2008. That's a new dynamic: stocks and credit have moved inversely for much of the past two decades, they said. The bad news: that doesn't leave an investor many options when it comes to hedging. The good news: We can blame the Fed, kind of. "HG credit has become more correlated with stocks and thereby also more correlated with the HY bond market," JPMorgan analysts led by Eric Beinstein wrote in a report. "This, in our view, is the result (at least in part) of so much QE-driven liquidity in the market that investors are buying everything: stocks and bonds." That's an easy answer, but it's not the only one. "Exceptionally strong" corporate earnings may be driving a company's share price and debt higher in tandem. We're getting another taste of how strong Corporate America is about halfway through the second-quarter reporting period. Nearly 88% of S&P 500 companies have beaten earnings estimates so far, according to Bloomberg data. No matter the explanation, the fact remains that there's one less tool available to diversify equity risk with. "Traditionally portfolio theory says that bonds are a diversifier for equity market investments," the strategists write. "This has not been the case recently, with the risk that it also remains not the case if/when there is an equity market selloff." Follow Bloomberg's Katie Greifeld on Twitter at @kgreifeld Like Bloomberg's Five Things? Subscribe for unlimited access to trusted, data-based journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters, The Bloomberg Open and The Bloomberg Close. | 
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