QQQs +1.2% driven by semis +2.5%, AI outperformance and some good earnings overnight. QQQs dipped briefly in the red around 12:30pm then rallied the rest of the day. VK: “Treasuries saw selling pressure on Fri following some favorable economic data in the morning and ahead of next week’s important jobs report (yields rose 3-6bp across the curve). Fed expectations didn’t shift much – the Street is anticipating a 33bp rate cut on 9/18 and 100bp for the year.”
Things should pick up in early sept as we have the Citi TMT conference starting on Wednesday then the big GS TMT conference the week after that. We’ll have agendas and recaps for you along the way…
Have a good long weekend everyone…
Let’s get to the recap..
Internet:
AMZN +3.7% as investors liked that AI Alexa would be powered by Anthropic’s Claude instead of its own internal AI, charging $5-10/month. Retail weekly data also got better near the end of the week, although still tracking slightly below street.
ROKU - 1% but was -5% intra…
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