TMTB Afternoon Wrap

Good afternoon - getting this one out early as won’t be around after the close. QQQs +30bps crossing over into the green after a choppy morning, but as has been the case over the last two weeks, the story under the surface tells a more complete picture. IWM +1.8% outperforming as small/mid caps catch a bid.

First the macro: yields are climbing slightly as we got some better claims data this morning. BTC +3% getting close to that $100k which seems to be acting like a magnet. China -80bps.

In tech, software is +2% while semis are +1% despite NVDA -1% at the time of writing. Software keeps getting confirming datapoints and earnings that support our view that this trade will keep on working into 2025 in what we called the “6-9 month golden era of software” this past weekend. Today it was SNOW’s stellar print that is driving names upward. SNOW +32% shows you how important it is to move your feet in the aftermarket as stock was indicated <+15% for about 30 minutes yesterday. Cloud consumption names are ripping this morning with MDB +16%; CFLT +6%; ESTC +5%; DDOG +7%. After a little digestion over the last week post the graveyard Doji we called out, we are hitting new highs:

IGV…Source: BB