Daily Wrap – Chaos on the Tape

Overnight and premarket action showed metals soaring and 10 of 11 sectors higher, though Tech lagged. A dismal reaction to Microsoft’s (MSFT -10%) earnings release pressured tech and most mega-caps. Microsoft beat expectations, but heavy capex spending, softer cloud growth, and merely in-line guidance overshadowed its strong pre-earnings rally. Tone shifted dramatically at the cash…