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TMT Breakout
Apr 07, 2024
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Happy Sunday. I’ll dive into some thoughts on things I’m watching in the market/TMT space, then dive into some initial earnings previews for some of Large Cap Tech. Let’s get to it:

High-level thoughts

  • While the macro picture still remains overall supportive, we’ve seen some wobbles: oil has broken out on the back of geopolitical fears, yields have ticked higher, and some signs of a slowing consumer (PVH, NKE, LULU, SBUX…). The CPI print looms large on Wednesday - a cooler print will likely add some fuel to the rally given recent re-pricing of Fed cuts. The last two CPI prints we have seen IWM/unloved stocks outperform for a couple days heading into the CPI print, and it wouldn’t surprise us if it happens again, beginning tomorrow. A cooler print could make this a more sustainable trend, while an inline/warmer print likely allows the status quote of large cap outperformance to continue. On that point…

  • The combination of higher yields sparked by better data/fed talk + geo political fears…

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