TMTB EOD Wrap

Good afternoon. QQQs -56bps led lower by semis -1.8%. Lots of question on why semis weak - didn’t hear anything fundamental just semis have run and # being used to fund China/EM longs. Treasuries were bid thanks to cooler PCE in the morning with yields dropped 2-6bps across the curve. Pretty slow day but let’s get to it…