Good morning. QQQs -75bps as AI semis weak to start the day again with NVDA -4% now trading inline with a market multiple. Yields ticking down 2-4bps across the curve. China +1%. BTC - 2%.
2nd day of MS TMT today - key presos include Softbank, MSFT, Softbank, ARM, GOOGL, Anthropic, and META among others. Not that fundamentals matter much right now. Schedule links and lineups can be found in yesterday’s morning wrap.
We liked this chart from our friend J. Favuzza from Jefferies this morning that shows how price action has markedly changed over the last week (not like you need more evidence than the tape). Earnings beats are now seeing more downside follow through than earnings misses:
SE and OKTA Earnings recap first then News/Research/3p…Let’s get to it…Good luck out there today!
SE: Solid results with big revs and GMV beat with big e-comm EBITDA beat
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