Good afternoon. QQQs finished up 83bps led by Large cap tech, SOX finished up 42 bps, Crude fell 2.4%, ARKK fell along with other small cap indexes and finished down 1.6% despite TSLA finishng up 50bps. Treasuries saw steep declines, with yields spiking 8-11bps across the curve. The year end 2024 Fed funds rate forecast rose 9bps to 4.7% on the back of slightly better ISM mfg and employment numbers. The dollar spiked 75bps more than making up for the end of last week’s decline. Quite an intraday rollercoaster for the QQQs as Nasdaq futures were up 1% overnight, came back to flat before the open, up 1% before noon, flat again in the afternoon, before finishing up almost 1%. Huge dispersion in the market as large cap outperformed highly shorted stocks by 3% while 52 week lows surged.
Large cap tech outperformed across the board regardless of whether news was out on a name. AMZN finished up 2% on the back of UBS PT raise to $180 as analyst incorporated Prime Video ads estimate int…
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