today. Welcome back to Morning Trade Live. It's time now for the big picture.So, let's welcome in Joe Maza, head trading derivative strategist at Charles Schwab. Very good morning to you, Joe. So, >> no data to chew on this morning, but I suppose that's okay.What do you make of these moves in the market. Obviously with this degree of rotation, we're seeing as I mentioned this software selloff accelerating, moving out of some of these high-flying Mac 7 names into other areas of the market. We're seeing a bit ...

Core Insights - Earnings season is active with numerous companies reporting, including Figma, The Trade Desk, and Airbnb [1][2] Figma - Figma's stock has experienced volatility since its IPO at $33, peaking at over $140 before declining for four consecutive months, closing at $48.17, which is 46% higher than its IPO price [4][6] - The company reported a 41% revenue increase in Q2, down from 46% in Q1 and 48% for the entire year of 2024, with adjusted profits of $0.09 per share, slightly above market expectations [6] - Figma's revenue guidance for the upcoming quarter is between $263 million and $265 million, representing only a 33% increase from $198.6 million a year prior, leading to a 20% stock drop following the announcement [7] - The platform attracts a diverse range of developers with a subscription model costing between $3 to $90 per month per user [8] - Figma's growth and net dollar retention rate are slowing, but a strong Q3 performance could help regain momentum [9]