Good morning. QQQs flattish despite some Oil +3% as Iran and US exchanged fire for first in a month. Market continuing to digest Warsh’s Jakson Hole speech and market is now pricing in 35bps+ worth of rate cuts vs 25bps before the speech. Odds of a move in a couple weeks stand at 60%.
In the US, Semis +70bps leading the way higher while software -70bps lags after outperforming last week on a set of good earnings.
Asia mixed overnight: TPX +0.23%, NKY -0.14%, Hang Seng -0.07%, HSCEI +0.27%, SHCOMP +0.86%, Shenzhen +0.6%, Taiwan TAIEX -0.44%, Korea KOSPI +0.46%. KOSPI opened down 3-4% so nice recovery throughout the day there.
Fairly busy week for us TMT folk, even on the last week of summer with earnings from DELL, MDB, SNOW, AVGO and others:
Fairly slow morning, but let’s get to it…
