RBLX MSFT analyst day recaps; EOD Recap

Good afternoon - QQQs finished up a measly 8bps, but underneath the surface a lot of big moves as momentum was the big factor loser with a top 5 worst day of 2023 and worst 2 day run of this year with a -4 sigma move. Treasuries fell a bit with yields rising 8-10bps across the curve. The DXY rallied 25bps.

PANW and CSCO misses might bring more downside tomorrow. I didn’t see anything too worrisome today yet to point to something worse, but a pair of potential tea leaves I’m watching closely : NVDA failing to make a 52wk high like other leaders, and META getting close to breaking below previous 52wk high/resistance at $330. A lot of large cap tech filled the big gap from yesterday which makes me think the QQQs might do the same. We’ll wait for tomorrow to give us a better idea…

Everyone had their eyes on MSFT’s ignite conference. They key announcements were:

1. 2 new MSFT-designed chips: Azure Maia (AI chip) and Azure Cobalt (CPU chip). According to semi analysis MSFT is not using…