Good afternoon. A late day swoon had the QQQs finishing +1% after being up 2.7% at one point. Some pointing to the spike in yields as main reason for the sell-off with the 10 year up 10bps and the 2 year up 6ps. Fed expectations dialed back a bit, with the market now pricing in 45bp in cuts for 9/18 and 107bp for the year. Semis had been outperforming most of the day but finished roughly in line with the QQQs. SMCI rev guide looks better post-close but their margins not as much. BTC +4%. Let’s get to it (having a little trouble w formatting on substack today so bear w me…)
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