What a day as QQQs +4%, led by SOX +7% and ARKK +6%. Stocks finished near high of days. Yields rose 6-10bps across the curve while fed expects shifted in a hawkish direction now pricing in 55bps worth of cuts. Dollar jumped 150bps. Gold dn 3% while BTC was flat.
Equity gains were led by the big news teat China tariffs would fall to 30% form 145% for 90 days and hinted strongly they could fall further to only 10% and gave clues that other countries could get more delays post-90 days as long as negotiations continue. Investors have reduced net over the past couple months and the race is on the gross back up now that trade news significantly moving in better direction. Price action is supportive of a continued move up.
In Tech, price action was about inline with what you’d expect on a day like today given the better China news flow. Safe havens underperformed: NFLX -2.5% (Yipit was out saying UCAN net adds trending significantly below street); SPOT 4%; CART/CHWY/EBAY/TTWO all sligh…
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