Good morning. QQQs -60bps early with Crude -2%. Over the weekend, the macro news flow centered on US/Canada trade talks collapsing and on Treasury’s announcement of economic sanctions in Iran (“Economic D-Day”).
In early Tech trading, Semis -2% and software/internet flat. Memory following weakness Korea with SNDK -5% leading the way layer after a tepid HBF presentation at Hot Chips (we sent out full notes here last night in case you missed it). Optical also weaker with LITE/COHR-5%.
Overnight, Asia mainly red: TPX +0.15%, NKY -0.74%, Hang Seng -1.89%, HSCEI -1.89%, SHCOMP -0.59%, Shenzhen -1.67%, Taiwan TAIEX -1.02%, Korea KOSPI -3.12%. Memory weaker with Samsung/Hynix -5%
Warsh at Jackson Hole and NVDA the main events this week. In addition to NVDA, a fairly busy week of earnings with off-q software names reporting:
Let’s get to it…
