TMTB EOD Wrap

QQQs +1.3% gaining back some of yesterday’s losses as Powell sounded fine threw in the word “uncertainty” in the prepared remarks and several times during the Q&A.

VitalKnowledge, as always, lays out a great summary:

Powell sounded confident/comfortable on the state of the economy at the present time, calling conditions “strong” with “solid” labor trends. However, he acknowledged a “heightened” level of uncertainty on the outlook (as the White House makes substantial changes on trade, immigration, fiscal policy, and regulations) and warned that this could lead to a degradation in spending/investment…but Powell said the odds of recession are not high

The 2 year dipped 6bps while 10 year fell 3bps. BTC +7% popping above $85k. Strength across the board in Tech as both non-profitable tech and TMT mo rallied.

Let’s get to the recap…

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Internet

Ad names underperformed again as investors continue to worry about a pot’l slow down here: RDDT -17bps; META +30bps as Yipit put out an initial estimate above street but only took into account data through end of Feb; PINS +1%

ROKU +7% the standout as Clev says advertisers upbeat on CPM reductions as home screen helping ROKU compete