Good afternoon. QQQs finished +34bps on a day with some funky action given the end of q rebalance, seeing some reversion of the momentum trade as crowded names underperformed. The rotation was also helped by yields falling 2-6 bps across the curve helping IWM +2.2% outperform. BTC -1.5% while China finished flat and the SOX +1%.
In internet, unloved/shorted names caught a bid: ETSY +3%; FUBO +4%; CHWY +2.5%; RBLX +1.5%; ROKU +1.4%. AMZN +80bps was the standout large cap as they announced adding $2.75B into Anthropic. META -40bps and GOOGL +13bps holding in well. NFLX -2.5% as Wedbush took them off the best ideas list, saying it will be much harder for NFLX to impress investors in 2024 vs 2023 as some growth drivers such as the password sharing crackdown are fully priced in, with ad tier driving growth in 2025. The 3p data release we were expecting today got pushed back to next week. W +4% on Cleveland calling out a better March and housing data which continues to surprise to the …
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