What are you doing reading this - it’s the weekend!
QQQs +80bps bouncing 2% from lows after an inline-ish NFP print, helped by some news Putin open to a truce and some delays on the Mexico/Canda tariffs. AVGO +8.6% also helped sentiment in the AI semi space along with Musk buying space in memphis for his 1M GPU cluster DC. Powell also sounded “slightly dovish/positive in that he sounds reasonably satisfied with state of growth, relatively pleased w/inflation progress, and unconcerned with the uptick in inflation expectations.” (h/t VK). Yields ticked up 2bps across the curve. BTC -4%. China flat.
SOX +3% led the way higher while internet/software underperformed. On a factor basis non-profitable tech o/p TMT mo as large cap internet/software was a big underperformer.
Let’s get to the recap…
Internet
DASH -1% but +7% in the post after being added to SP500
AMZN -70bps as Yipit said NA retail now only tracking ~1ppts above street. Reminder: 3p data showing int’l and AWS tracking inline/below street so 3p dataset continues to be mixed for AMZN
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