TMTB EOD Wrap

Good afternoon. QQQs finished +20bps as Powell said “it’s too soon to say recent readings represent more than just a bump” on inflation and “Given the strength of the economy and progress on inflation so far, we have time to let the incoming data guide our decisions on policy." IWM +65bps outperformed. Yields finished flat after spiking earlier in the day.

In internet, large cap got a bid with META +1.8% and AMZN +95bps. NFLX +2.5% - likely to get a positive Yipit report in the next week about how the q finished up. GOOGL +30bps despite a mixed Wells Fargo preview - CEO Sundar was talking at Standford today (see here at 1:02 mark for start). I didn’t get a chance to listen to it (if you did, pls send along any impt tidbits). SHOP -3.25% despite a positive Yip/Baird mention on MRR. EXPE -1% as BTIG lowered numbers on weak VRBO checks while BKNG +2% on B Riley’s positive initiation with $4,400 PT. SPOT +8% after saying they will raise prices $1-2 in the US later this year and by the e…