Good afternoon - QQQs rallied +1.1% as SP500 hit new highs and feels like QQQs will follow soon enough - despite some weakness in semis, internet leaders like META NFLX AMZN DASH look poised for new highs and breadth was good today with ARKK +3.5% and IWM +2%. Overall, a strong risk on day as the Fed sounded more dovish than hawkish as they still think inflation has eased “substantially” and Powell didn’t seem too bothered by recent hot inflation data. The 2024 dot plot remained unchanged (75bps cut this year). Yields were down slightly while BTC rallied 3%+. Crude fell 2%.
In internet, strength across the board with unloved names outperforming large-cap. Housing names ripped with RDFN +13%; OPEN +8% but Z +1.6% lagging. W +8% piggybacking on the housing strength. SHOP +5% breaking above $80 as 3p continues to point to a nice beat in Q1 (nothing new today, however). TTD +4.8% as Disney is not selling CTV ads on TTD (link) although they had accecss to DIS inventory before — comes on…
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