Good afternoon. QQQs finished flat after being up 65bps early morning in the calm before the storm of earnings which will hit us the next few days. One of those days where IWM +1.6% massively outperformed as non-profitable tech caught a bid and TMT momentum stalled. BTC +3% / ARKK +1.5% (despite TSLA - 2.5%). China +1.8%. Treasuries saw some pressure as yields rose 3-4bps across the curve following underwhelming auction results but Fed expects didn’t shift much w market still pricing in 42bps worth of cuts over the final two meetings. Crude down 6% today on the Israel/Iran news over the weekend while US nat gas prices fell 11%.
Let’s get to the TMT recap…
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