February 14, 2024

Markets:

U.S. stock futures nudged higher Wednesday after the Dow Jones Industrial Average posted its biggest decline since March 2023. Futures tied to the Dow gained 99 points, or 0.3%. S&P 500 futures climbed 0.4%, and Nasdaq-100 futures added 0.6%.

Lyft shares jumped more than 19% in the premarket after the ride-hailing company posted better-than-expected earnings in the fourth quarter. Airbnb
slipped more than 5% even as the company beat on revenue expectations in its latest quarter.

During Tuesday’s regular session, the 30-stock Dow shed 1.35% for its worst day since March 2023. The S&P 500 lost 1.37%, and the Nasdaq Composite
slumped 1.8%. A hotter-than-anticipated inflation reading incited the sell-off as traders fretted that the Federal Reserve may not cut interest rates as early as they had hoped.

Expect $400 to $600 billion to flow to risk assets in the next year, Barclays says Between $400 billion to $600 billion worth of cash that has built up on household and corporate balance sheets is set to move back into risk assets in the near future, according to Barclays.

Portfolio:

The move yesterday was absolutely silly but in relative percentage points, a mere drop in the bucket compared to the move we have experienced higher. These types of sessions are needed to continue to build. As tough as they might be to go through, always look forward to what it's building a session or two later. Obviously, we hate to see that CPI number, but it is backwards data, which we are not a fan of. Regardless, we move forward, and the trend lines remain.

Today we also receive a headline we love to see, "Expect $400 to $600 billion to flow to risk assets in the next year, Barclays says". That's a massive number and will only be fueled should we continue to see this tech revolution taking place led by AI. We've been on this move from the beginning and truly do believe we are in the early stages. The next few years will present itself massive opportunity.

We enter today's session holding setups in PLTR, PATH, SOFI, and STNE. Queue is igniting this morning based on premarket activity, but we do want to remain patient early on. Just want to make sure we see nice follow through, and upside call volume come in. Yesterday, we saw a few massive lots go off in the semi space from April through July looking for large moves. This was obviously welcomed by us to see this type of belief. Be ready today!