TMTB EOD Wrap

Good afternoon. QQQs +1.7% with general broad-based strength although Semis +4.5% led us higher again, popping above the 10d. Semi Equip and Trainium ecosystem led us higher on the sector front while non-profitable tech led us higher on the factor front.

Macro headwinds — which had been front and center over the last week — were in the rearview mirror for the day as yields fell 7-11bps across the curve and Oil fell 6% on hopes of an Iran deal (Trump said U.S. was in the “final stages” of talks with Iran), which followed on VP Vance’s optimistic tone on Tuesday.