Good afternoon. QQQs finished the day dn 30bps with SOX underperforming dn 1%. BTC fell 1% and crude -2.5%.
In internet, CVNA the big winner up 32% — we wrote our thoughts up this morning and last night. TheInformation had an article saying a pair of US lawmakers demanding Temu shipment ban over forced labor concerns - article drove ETSY +5%, PDD -3% and META -40bps:
A number of U.S. lawmakers are pushing for a ban on imports of goods sold on Temu, the fast-growing shopping site known for selling bargain products shipped from China, saying it hasn’t done enough to prevent its suppliers from using forced labor, two people with knowledge of the conversations said.
In recent weeks, China critics including Rep. Blaine Luetkemeyer have been asking agencies including the Department of Homeland Security to add Temu to a list of violators of the Uyghur Forced Labor Prevention Act, one of the people said. Being on that list amounts to an import ban that would cripple Temu’s U.S. business…
Lawm…
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