TMTB EOD Wrap

Good afternoon. QQQs -1% led lower by large cap internet despite SOX flat with NVDA +2.2% as Jensen’s tour with investors began at MS (AI semis likely helped by some flows out of internet, which had been outperforming as of late). Oil +4%; China +3%. Treasuries extended their Friday losses with yields up 6-8bps across the curve. Fed expects continue to reset more hawkishly with market now only anticipating a 22bp cut on 11/7 and 25bps on 12/18.

Let’s get to TMT recap…