TMTB EOD: Market Recap; AKAM EBAY UPWK UPST First takes

QQQs rallied 1% and treasuries were bid as yields dropped 1-6bps across the curve.  DXY was up 30bps. Crude was down 4.5% now strongly breaking the $80 barrier.  Some pointed to macro headlines being supportive of lower yields – poor China exports, weak EU econ data, bad earnings from cyclicals, BOE’s official’s comment about mid-24 rate cuts, collapsing oil prices, drop in Manheim use car index, home data rolling over, etc. Couple that with strong SMID software earnings over night and early today and that was a recipe for strength in tech. Breadth has gotten better as SMID is joining the large-cap tech party in tech – MSFT/ADBE hitting on closing 52wk highs today, AAPL rallying, earnings follow throughs (SQ, AMZN, AMD, etc.)…hard to see QQQs pullback meaningfully with so much strength, but we are always on the lookout for tea leaves pointing to an inflection the other way…we just aren’t seeing them yet other than an overbought condition which might lead to some near term consolidation…

We’ll start with software as that’s where most of the excitement was. How fast sentiment can do a 180 – after being in the dumps heading into this week given all the misses in SMID land, didn’t take long for some to ask “are we back?”  It seems like the playbook all of this year has been to fade extremes in sentiment.  Went over earnings details this morning so won’t harp on each stock too long, here’s we came out on DDOG: