A bit of an early one today as I’m not sure I’ll be around right at the close…
QQQs +1.4% led by Semis +2.2% again as investors gear up for CES which starts on Monday (Jensen kicks it off with his keynote on Monday at 6:30pm). Feels like investors are relaxing into the new year a bit following end of Dec. turbulence. Volume still low down 9%. Trump winners vs losers basket down -1.2% as we’re seeing a bit of laggard outperformance to start the year. Treasuries seeing modest pressure w yields up 1-2bps across the curve while fed expects continue to price in 43bps worth of cuts next year.
Let’s get to the good stuff…
Internet
CHWY +4.5% as Wolfe upgraded to Buy citing rev accel and margin expansion driven by improving customer growth, improving sector, autoship mix, new product and international expansion. 3p data here continues to look solid so would think stock continues to grind higher into the print and no risk of BC selling until after earnings
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