Good afternoon/evening. A little late today, but let’s get to it…
QQQs -45 bps with a big reversal intraday after being up 1%. Even the SOX -2bps finished in the red despite NVDA’s +9% rally. Momentum/Megacap outperformed today and non profitable tech basket fell 4%. Heard several reasons for today’s weakness (yields ticking up, growing list of consumer misses, de-risking in front of long holiday weekend, etc.) but none felt particularly satisfying.
WDAY is -10% post-close as RPO came in 1-2% below buyside and they guided below for Q2 on subscription revs and said “"Our updated subscription revenue guidance reflects the elevated sales scrutiny and lower customer headcount growth we experienced during the quarter." Margin guide was better but small consolation…Not a great start to off-season software earnings after SNOW yesterday.
Onto to the recap…
Semis:
NVDA +9% the main standout today after Jensen helped put air pocket fears to rest.
AMD -3%…we wrote in the TMTB chat pre-market we …
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