TMTB EOD Wrap

QQQs finished down 35bps with a pretty ugly close as large cap and semis lagged, two areas that have been driving the market higher recently. Some unloved/highly shorted stocks caught a bid as yields fell slightly. Some worrisome reversal in some names: META, ARM, APP, PINS, CART among others. We’re on high alert short-term and see what the end of quarter brings the next couple of days.

In internet, PINS +1.5% as Piper confirmed what we heard yesterday about GOOGL 3p partnership ramping up in the U.S. earlier than expected (was +6% early). GOOGL +40bps as MS had some positive checks - stock continues to hold up well. META -140bps below 10/20d now — didn’t see anything here other than MS note calling out positive Reels checks and saying Whatsapp monetization ramping and becoming more material. CART -4%, crossing below 10d and breaking ST trendline from late Feb. CHWY -1% can’t find a bid. TTD -50bps as Digiday ad checks said AMZN’s DSP is “cumbersome” to use, lacking measurement c…