Good afternoon. QQQs -57bps as semis -2% led the way lower again as Trump’s 25% auto levy had indices selling off although they ended well off their lows. While glass half full bulls will say Trump’s initial steps so extreme they must just be a negotiating tactic and they won’t stay in place, bears will say this misses the point and even if market avoids worst case tariffs - not absolutely certain by the way - all the rhetoric and volatility will continue to erode confidence and hence place more pressure on growth.
Other than that, a fairly quiet day on the news/research front, especially after yesterday. Let’s get to it…
Internet
AMZN +11bps outperforming META -1.3% (tiktok maybe getting closer to a sale) and GOOGL -1.7% (not sure about you but using GOOGL less and less every day…)
Travel stocks weak: EXPE -2.5%; ABNB -2.3% Some data getting shared about Canada flights to US declining, which hit some airline stocks:
Clev was also out neg on ABNB saying NA bookings trending softer vs. channel expects through 1H and that outlooks for ST rentals worse than previous estimates.
CVNA -50bps despite some on the sell side saying it could benefit CVNA although likely to result in higher car prices above the board.
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