TMTB EOD Wrap

QQQs +1.23%. Broad based strength today as plenty of stocks continue to hit new highs:

Market rallied on Trump’s Mexico/Canada reversal alongside China’s fairly benign retaliatory response to Tariffs. Trump said he will speak to Xi at the appropriate time but he is in no rush (translation: as long as market not selling off, no rush). Treasuries rallied a bit (yields down 4-5bps across the curve) in part due to a dovish JOLTs report ahead of NFP on Friday. Market continues to price in 45bps worth of cuts this year. BTC - 3%.

Expensive software outperformed today and flows continue to shift to internet as it’s seen as a bright spot and clean winner of continued AI progress.

Internet

• RDDT +6.5% to new highs as investors continue to think co is likely to post a big beat when they report