Good morning. QQQs -70bps ahead of PPI this morning (CPI tomorrow). Crude +2% as WSJ reported Trumps advisors have told him the conflict could last through end of his term & Iran officials said they are prepared to escalate as they launched some missiles at American bases in Jordan. Yields +2-4bps across the curve.
In Tech, Semis -1.7% weaker to start as more AI doom/safety restriction news gets around and Deepseek V4.1 out looking strong & cheap. Software/Internet flat. TMT Mo -2%.
Asia mixed overnight: TPX +0.2%, NKY +0.2%, Hang Seng -1.27%, HSCEI -1.13%, SHCOMP -0.43%, Shenzhen -0.95%, Taiwan TAIEX -0.51%, Korea KOSPI -0.25%
Citi and GS Day 3 today with Jensen at 8:50am PT at GS the main event (fuller schedule below)
We also get ADBE/ORCL EPS tonight. RBLX developer conference starts today.
Let’s get to it…
Citi and GS Conference Lineup today:
Citi Global TMT Conference — Eastern Time
AI/Semis: DOCN 8:10am (CEO/CFO) · AEIS 8:50am (CEO/CFO) · Crusoe 9:30am (CEO) · DELL 10:10am (CFO) · Infineon 10:50am (CFO) · Tokyo Electron 10:50am (America President/GM) · CSCO 12:35pm (Head of IR) · ANET 1:15pm (CFO/SVP Cloud & AI Networking)
Software: ROP 8:50am (CEO/CFO) · Databricks 8:50am (SVP Product) · MSFT 9:30am (CMO, AI at Work) · VEEV 10:50am (CFO) · CRWD 11:30am (CFO) · SNOW 12:35pm (CFO)
Other: T 9:30am (CFO/AT&T Business GM) · AMT 10:10am (CFO) · CHTR 10:50am (CFO) · COIN 1:15pm (CFO)
GS Communacopia + Technology — Pacific Time