TMTB EOD Wrap

Good afternoon. Risk on continues as QQQs +2.4% with strength across the board led by semis +3.4%. Long end fell 6-9 bps across the curve as reduced long-end JGB issuance caused some to speculate there would be more demand for long-end treasuries. One of the strongest parts of the bearish market narrative was that yields were spiking so this was added fuel to the bull narrative, which had already gained strength last week as the admin said they were going to run the economy hot instead of trying to cut the deficit. Some dovish data also helped move yields lower. The market continues to price in 50bps worth of cuts.

All eyes on NVDA tomorrow.

Let’s get to the recap…

Post-close, OKTA -12% as cRPO of +14% was 1-2ppts light of where buyside was and smaller than their typical beat. Q2 cRPO guide of 10.5% was below street and below buyside bogey which was slightly above street. Call ongoing…