TMTB EOD Wrap

Good afternoon. QQQs +22bps. Slow August has started with broader market volumes down 21% and turnover down 30% on the 20 day average with liquidity light (h/t DB). Was a slow day other than reports suggesting Iranian retaliatory strikes could be imminent which caused the market to sell off early morning and oil to spike (+3%). Megacap and AI led the way higher while non profitable tech led the way lower. Let’s get to it…