TMTB EOD Wrap

Late afternoon sell off in the QQQs today being up 1.4% and finishing down 20bps. NVDA - 6% struggled all day with dispersion in semi names as NVDA commentary on demand was strong driving but commentary around GMs was where the big debate was around. Non profitable tech + software outperformed while TMT Momentum underperformed. A lot more green than red on my screen today so breadth was ok. VitalKnowledge recaps the macro: “Treasuries saw modest selling pressure after Q2 GDP was revised higher and ahead of the Jul PCE on Fri (which is expected to show a modest acceleration in both headline and core on a Y/Y basis vs. June). Yields rose 3bp across the curve. Fed expectations didn’t shift much – the market is pricing in 33bp of cuts for 9/18 and 100bp for the year.”

Let’s get to it…