TMTB EOD Wrap

Good afternoon. QQQs -1.9% with semis -6% leading the way lower. All eyes on the Fed meeting tomorrow which will be Warsh’s first meeting and press conference as chair. Consensus seems to be that existing forward guidance line which embeds an easing bias to be taken out, but bulls hoping with a cooler CPI, worst of the Oil shock behind us that Warsh will be able to convey a dovish message at the presser despite rest of committee leaning more hawkish. Lots of profit taking and some hedging in front of that. Outside of that Oil -6% continued to plummet while yields fell 3-4 bps across the curve.

Why the semi weakness?