TMTB Mid-Day Wrap

Early one today. QQQs hovering around flat on a slow summer Friday. Treasuries are up slightly with yields flat to down 3-4 bps. Fed expects continue to price in 45bps wroth of cuts this year as Waller had a dovish speech yesterday calling for a July rate cut. More details on that:

Let’s get to the recap…Enjoy the weekend!

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INTERNET

• NFLX -4.5% as investors digested the print, which was fairly inline. Bears picked at the low engagement numbers and lack of upside valuation at current px: 35x $35 = $1,225…SPOT -3% in sympathy