auction that did not go well, and that just pushed rates even higher after 1 p.m. today, there will be a, and the estimate is for 4.5%. The Atlanta Fed GDPNow and Bloomberg Economics suggest a number greater than 5%. Even if the number comes in around 4.5%, it is almost hard to believe, given the 2.1% print in 2Q. That would be a big acceleration in the economy. That will be a closely watched number as it will greatly impact rates.
So, it missed guidance by a bit. Despite the beat and inline guide, the stock is up less than 2% as of 5:30 ET and is trading around $305, so it is still below where it closed the day before yesterday. Not very encouraging. But the bigger problem for Meta is that there is a lot of call gamma sitting up $315, and put gamma, for that matter, which expires on Friday.
So unless Meta can get above $315, all of that call gamma will start to lose a lot of value as implied volatility begins to melt, which means market makers will likely be sellers of Meta tomorrow.So if the stocks trade down today, despite the “fantastic, groundbreaking results, lead by generative AI,” as noted on TV multiple times, you know why.This week’s bounce is already toast as the tech sector melted down yesterday, dragging the S&P 500 index under 4,200 support.
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