Good morning. QQQs flattish after the big day yesterday as Oil -5%. Yields down 2-3bps across the curve.
In the U.S., semis -1% taking an early breather after yesterday while Software/Internet both up 50bps+. SHOP +4% leading the way higher on some agentic loser --> pot'l agentic winner narrative reversal after Tobi and Mark announced SHOP’s deeper integration into Muse. BABA +3% after their APSARA conference where they laid out a path to 20GW of data-center power by 2032 and unveiled a new chip. MSFT +1% leading Mega caps higher while META -70bps digesting yesterday’s big move (2nd biggest non EPS ever). Here’s META fwd returns after big moves (h/t J. Fazzuza at Jefferies for the idea):
Overnight, Asia mostly quiet despite the big move in the U.S.: Hang Seng +0.18%, HSCEI +0.28%, SHCOMP +0.06%, Shenzhen -0.01%, Taiwan TAIEX +0.17%, Korea KOSPI +0.15%
Let’s get to it…
