TMTB EOD Wrap

Good afternoon. Relatively slow news day as some of the squeezy action early faded and non profitable tech + SOX ended up underperforming with market taking a bit of a breather. Treasuries were bid with yields down 6-7bps across the curve. Market still pricing in 33bps worth of cuts at 9/18 meeting and 98bps for the year. Slow August day but let’s get to it…

Internet

• NFLX +1.5% the first of the large caps to hit 52wk highs as data continues to look good intra q and bulls liking the Q4 set up: pricing increases, squid games 2, NFLX live, etc…

• AMZN +37bps - hearing 3p retail data slightly improved over last week but still tracking 1ppt below street…TheInformation also out saying Bezos has no plans to bid on celtics

• GOOGL +30bps; META -50bps

• W -4% as 3p data continues to look bad — hearing orders placed tracking neg high single digits so far in Q3

• Asia names weak: SE -1.4% / BABA - 3.4% on some weaker Yip data; PDD - 4.5%; JD - 4.5%…JD - 11% post-market / BABA - 2% post-market…just seeing…