Crude oil prices fell, echoing broader weakness in cyclical assets. The growth-geared Dow Jones Industrial Average tellingly fell while the tech-heavy Nasdaq finished the day higher in Wall Street trade. That seemed to imply bets on prolonged disruption of “physical” economic activity and parallel preference for firms geared to the lockdown-friendly “digital” space. Most of the selloff was registered in the run-up to and the immediate aftermath of the release of second-quarter US GDP data. It revealed a record 32.9 percent decline. Markets reversed upward to trim losses soon after the numbers crossed the wires ... (full story)