Yawn.

The market yawned at the Trump/Putin meeting debacle on Monday, and Trump's walk-back on Tuesday. Why? U.S. investors largely have no clue how to play the news story. Dare I say they don't really care unless a meeting of that kind sends the Dow Jones Industrial Average  down 500 points intraday, causing one to quickly make changes to the portfolio (or at least consider them)?

What DO U.S. investors care about? Tech stocks, tech stocks, tech stocks, TECH STOCKS. Bank of America nicely captures their obsession in new data: "Long FAANG+BAT" (53%) remains the most crowded trade identified by investors for the sixth straight month and most crowded trade outright since "Long USD" in January 2017."

To that end, the sharp midday reversal in Netflix (NFLX) post earnings on Tuesday was interesting if not short-term bullish. It showed that Wall Street may still have the power to juice up buy ratings if tech stocks are hit this earnings season. Wall Street was staunch in its defense of Netflix, and is likely prepared to defend Facebook (FB) , Amazon and Alphabet (GOOGL) if forced. 

Complete Randomness:

(1) Starbucks (SBUX) can't catch a break right now. The coffee giant's long-time stronghold on the bottled coffee industry is under siege, or so it appears. Wells Fargo beverage analyst Bonnie Herzog said Coca-Cola's (KO) ready-to-drink coffee business, which distributes new offerings from Dunkin' Brands (DNKN) and McDonald's (MCD) , is cutting into sales of Starbucks (distributed by PepsiCo (PEP) ). The ready-to-drink coffee business is seen growing at a compound annual growth rate of 5.6% to $116 billion by 2024, according to Grand View Research.

(2) Target's (TGT) Amazon (AMZN) Prime Day worked out well. "Hot offers drove the highest single day of traffic and sales of 2018," Target said in a statement. The Instant Pot was a top-seller for Target, ditto for Amazon.

(3) Only Texas Instruments (TXN) insiders know why now former CEO Brian Crutcher resigned suddenly on Tuesday. He was only in the top job for two months, but allegedly violated the company's code of conduct. But here's a stunning (and sad) stat from Temin & Co.: "At least 437 high-profile executives and employees have been accused of harassment or misconduct over the last 18 months." 

Around TheStreet

TheStreet's Katherine Ross is on the ground Wednesday at the Delivering Alpha conference. Be sure to follow her on Twitter @KatherineRooss. TheStreet's founder Jim Cramer is out of the gate first with a can't-miss interview with Donald Trump's chief economic advisor, Larry Kudlow.

Michael Brown, co-editor of TheStreet's sister publication The Deal, hops on camera to discuss the second-half outlook for M&A after a blowout quarter from Action Alerts PLUS holding Goldman Sachs (GS) . The Deal is really plugged in, so give Brown a watch -- unless betting/profiting on the next mega deal doesn't sound exciting to you.

Our Anders Keitz will sit down for a chat with the lightning rod that is @leemunson. Having been on-air with Munson on numerous occasions in my former life, I can confidently say these segments on the markets will be must watch later on Wednesday.

Yours truly is in full prep mode to talk with cannabis player Tilray on its IPO day on Thursday. Curious to hear your thoughts about this company, tweet them to me @BrianSozzi.

Led by Jim Cramer, the Action Alerts PLUS team dives into the charts of surging chip maker Nvidia (NVDA) . Bottom line: The stock will probably head to the moon. But hey, do your own research on Nvidia -- I don't pick stocks anymore for a living. Laterz. 

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