TMTB EOD: $NFLX falls on CFO margin comments, Large Cap rallies, $AMZN strong on Gen AI day tomorrow, $ADBE Firefly release, $MTCH reverses on weaker 3p data, Travel weak but $UBER hangs in

CPI came in slightly hot today but QQQs dusted it off and finished up 38bps, although there was pretty wild dispersion on the day – underneath the surface didn’t look as good -- as large-cap led the way: $AMZN up 2.5% into their AWS Gen AI day tomorrow (MS also out with a +ve note after close detailing $5 in GAAP EPS), $META and $GOOGL both up 1%, $ADBE up 2% on positive Citi comments and a general Firefly release (more below), $MSFT up 1.3% on a positive Bernstein note we covered this morning.  On the flip side – small cap lagged and $ARKK finished down 1.3% despite $TSLA finishing up 1.4%. Cyclicals like banks, travel materials underperformed.

Big story today was $NFLX down 5% on the back of CFO comments at the BofA conference:  Mgmt talked down margin expansion: “I don’t think it’s really prudent for us to keep growing at 3% of margin per year”…street is modelling margins +300bps in 2024 and +260bps in 2025 so that is no bueno…In addition, rev growth acceleration was being pushed to…