QQQs -60bps. Yields rose 1-3bps across the curve as Fed expects now sit at only 3 cuts for the full year with the next cut not anticipated until 7/30. Oil -2% sub $60 on as OPEC+ increased production. BTC -1.4%.
PLTR solid results post close. Nit I’m hearing is smallest rev beat in 5 quarters although Q2 raise does more than compensate for it and likely implies accel to close to 40% in Q2 despite a much tougher comp. Price action will be interesting tea leaf to watch tomorrow —> yes stock has had a massive run off the bottom (+85%) in a month so on one hand it’s not surprising to see it give some back, but a stock down on a beat would be a change in character to what we have been seeing this earnings season, especially in sw…
Let’s get right to it…
Internet
NFLX -2%: Stock initially sold off 5% initially on Trump’s tweet that he would tariff all foreign made movies 100%. The administration then backed off - not surprisingly given the tweet left many unanswered questions. THR: “Although no final decisions on foreign film tariffs have been made, the administration is exploring all options to deliver on President Trump’s directive to safeguard our country’s national and economic security while Making Hollywood Great Again,” White House spokesman Kush Desai tells The Hollywood Reporter.
CART +4% with some nice follow through after last week’s clean print
RBLX -3% as some investors took profit given Fornite likely comes back to the U.S. app store this week after the Epic/AAPL ruling - will have to watch 3p engagement/DAU data for any potential impact.
AMZN -2% as the quarter still left many unanswered questions around 2H impact of tariffs and Bezos filed to sell 25M in stock over the next year - no filings yet…
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