TMTB Morning Wrap

Good morning. QQQs -25bps; BTC +2%; yields ticking lower. News flow finally slowing down a bit as we enter August doldrums. Two impt news items this morning: TSM July sales better than expected and hearing Yip out saying GOOGL ad/search revs tracking 2ppts below. We’ll hit news/research first then recap EXPE TTD AKAM earnings from last night.

Let’s get to it...