Good morning - QQQs +85bps bouncing nicely as we got some good software earnings from WDAY, ZI, and INTU last night (helping drive some sw names higher - CRM +3% as its on the docket tonight). If you missed it, we posted a bunch of positive price action tea leaves in our EOD Wrap yesterday, which gave us confidence yesterday was a good spot for a bounce (will it be the ultimate low remains TBD - we’ll continue to watch for tea leaves/narrative changes). China ripping again with BABA +5% in the pre, now almost back to where it was a couple days ago before the big Trump sell-off.
All eyes will be on NVDA tonight.
Not much new on the macro front this morning as yields roughly flat and fed expects continue to price in 55bps worth of cuts this year (got a bit of a macro lull until ISM and jobs next wk).
Let’s get to it - earnings first then News/Research…
WDAY: Very solid Q with beat and raise with Q4/Q1 cRPO upside and reiterating FY26 guide
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