QQQs +50bps as yields fell 6-12bps across the curve (due primarily to the softer ISM). The odds of a Fed cut by the 9.18 meeting rose to 70% and the market is now pricing in 40bps worth of aggregate rate reductions for the year. Both non-profitable tech and Megacap rallied today led by META and NVDA.
GTLB -1% after the close after a topline beat street by 2%, a little light of 2-3% buyside wanted. Non-GAAP gross margin held steady y/y at 91% and non-GAAP op margin improved to -2% from -12% in Q1’24. They bumped FY25 revenue guidance to $735M at the midpoint vs. prior $728M (more than the $3M F1Q beat), even though F2Q revenue was guided a bit below the Street ($176.5M vs. street $177.1M) which implies 2H acceleration. More tomorrow.
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