TMTB late-afternoon Wrap

Getting this one out early as have earnings after the close. QQQs +3%+ ripping led by SOX +6.5%, which as far as I can tell is biggest move in over 5 years. That drawdown # being sent around not looking so bad now…Semis got a bid following MSFT’s bullish capex # and commentary and NVDA +13% led the way as MS added fuel by adding it as a top pick. The stock was close to $100 yesterday evening following the initial Azure # so quite a big turn there. Definitely feels like that post-azure # swoon was the bottom for the QQQs.

From VitalKnowledge on the Fed:

the statement and press conf. were dovish. The big change in our view was the emphasis on the DUAL mandate – for the last several years, Powell and his colleagues have focused (somewhat myopically) on the 2% inflation target but, they’re now pivoting (pretty aggressively) to the other side: ensuring stable employment. The phrase “dual mandate” was included in the statement for the first time this cycle, and it was peppered throughout t…