Good afternoon. QQQs +30bps (and another 20bps post close after beats from MRVL CRM OKTA and PSTG) with a nice EOD rally after hovering around flat all day with IWM -70bps underperforming again. Similar to yesterday, Large caps led the way higher with META +3% and AAPL +1% busting to new ATHs while AMZN +1% seems poised to follow suit. I imagine semis and sw will both be strong tomorrow given prints by MRVL and CRM. Fairly slow day on news front as two conferences are ongoing - UBS in Scottsdale and Wells Fargo. South Korea declared martial law, but really not much impact to US equities. 10 year ticked up 4bps while 2yr was flat…
Let’s get to the recap…
Internet
META +3.5% leading the way higher - didn’t see much news other than more talk of Zuck buddying up to Trump (FT). Other ad names strong today with PINS +3%, SNAP +6%, and RDDT +5.5%
AMZN +1.3% as re-invent got underway. Interesting comment from Jassy that AMZN will see 25% lower cost to serve this holiday bc of AI and robotics
RBLX +2.5%: I liked this article from Digiday our reader akhenosiris pointed out talking up beta of RBLX and SHOP: “We actually sold our first plushie with them back in July, and we’ve had products like hats and embroidered shirts on our website since then. But now that it’s actually in-game, we are selling tens or hundreds of multiples more than we were before.” 3p data has been a bit on the weaker side, but if that starts to improve think this stock has a good hook that can help it work into 2025. Co presenting at Wells tomorrow.
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