TMTB Morning Wrap

Good morning. QQQs +1.9% as Trump rolled out exclusion for smartphones, PCs, and more on Friday evening. We covered the news in our weekly yesterday so won’t go into that now…DELL up the most in pre-market which makes sense given they were likely to be most hurt by it + you get added benefit of AI tailwind…Yields are down 5-7bps across the curve…China +1.2%…BTC +2%

Let’s get straight to it…