Good afternoon. QQQs +27bps as indexes continue to shake off some weakness from semis and software as yields continue to come in. I continue to be impressed by overall strength of market despite increasing negativity given weaker macro datapts. Makes me think mkt will continue to shake off bad news. Cyclical groups lagged while treasuries extended their gains from Monday thanks to the JOLT report, w yields dropping 5-6bps across the curve. The odds of a Fed cut by 9/18 are now 75%+. BTC +2% today; China ++1%. Slow/boring day news/px action-wise for the most part but let’s get to it.
Earnings post-close:
HPE +10% looks good with upside to revs and strong AI commentary and a good guide although GMs and server segment OMs missed. Talking up strong order backlog with cum AI system orders of $4.6B. Server beat while other areas missed.
What a difference expectations/low valuation makes (vis-a-vis DELL).
HPE revs/GM/EPS of $7.20b/33.1%/$0.42 vs. Street at $6.82b/35.0%/$0.39
FCF of $610m v…
Keep reading with a 7-day free trial
Subscribe to TMT Breakout to keep reading this post and get 7 days of free access to the full post archives.