TMTB EOD Wrap + HOOD Z HUBS WBD First Takes

Another nasty fade in the QQQs from early morning +2% to finish near the lows at -1.1%. SOX brought up the rear -3% as SMCI -20% top line read-through was good, but sparked discussions around margin sustainability of the semi complex post-2025. Software outperformed after FTNT +25% / DT +15% beats which comes on the back of other solid sw prints. BTC - 3%; yields up 2-6bps across the curve; Oil +3%.