TMTB Morning Wrap
QQQs +13bps as Trump said last night US and Japan finally reached a deal which would impose 15% tariffs (vs previous 25% threat) on imports including autos, while Japan will invest $550B into the US and open their market to certain goods. Nikkei +4% and in Asia and Europe, autos rallied with Toyota +15%. Bessent also said yesterday US and China will hold 3rd round of trade talks next week.
Trump supposed to speak on AI after the market close today at 4:30pm. We get TSLA and GOOGL after the close as well. AI semis strong to start the day with NVDA/AMD +1%+ although AVGO -1selling off on a Digitimes article calling out MediaTek competition at META (see below)…Analogs selling off on TXN’s 180 in tone…
Meme stocks of the day: GPRO +92%....CDLX +15%…RKT +9%…OPEN -10%…spin the wheel!
BTC -1.4%…yields slightly up…China +1%
We’ll hit Tariff news first, then earnings, then finish with Research/News
Let’s get to it…
TARIFFS/MACRO
EU Readies €100 Billion No-Deal Plan to Match US 30% Tariff
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