JD

Outperforming without a clear catalyst yet

• JD +2.36% on the last session vs SPY +0.04%: +2.3 pts of stock-specific move.
• Not a group move: its china tech peers +0.1% (+0.1 pts vs SPY).
• Market backdrop (Today): Core PPI m/m 1.3% vs 0.3% expected (hotter); Core Retail Sales m/m 0.9% vs 0.6% expected (stronger); S&P futures -0.08%, 10-year yield -3bp in the 30 minutes after.