S&P 500 (SPX), Nasdaq (QQQ) Day Ahead: PPI confirms CPI, Fed in bed as inflation means red
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Here is what you need to know on Thursday, May 13:
Wednesday's wake-up call to the dovish Fed was repeated with the release of PPI on Thursday. Core CPI was 0.7% versus forecasts for 0.4%. Does this mean that "buy the dip" is still in focus and "don't fight the Fed" is still the trade? As it stands, futures are doing exactly this, with the flat Dow Futures being an underperformer.
The dollar is losing some ground as it is not the only one that can raise rates. "Thank you very much," says the German Bund, as yields rise to nearly the highest in two years.
Oil is lower as Middle East tensions rise and observers note that it has already had a pretty decent run. Bitcoin suffers "the Elon affect" as he dumps on it, saying Tesla will stop accepting it as payment due to the coal burned for mining it.
Wall Street top news
US PPI higher than expected, core 0.7% versus 0.4%.
US Jobless claims 473k versus 490k expected.
China backs plan to exclude covid vaccines from intellectual property laws.
Bank of England deputy governor says it may need to issue a digital currency.
McDonald's (MCD) raising wages 10% in US company-owned restaurants.
DASH, AirBnB (ABNB) and Disney (DIS) report earnings after the close.
Ford (F) CEO says it is focused on having a self-driving car in 2022.
Colonial Pipeline has restarted.
BABA reported earnings ahead of expectations, shares down 2% premarket.
Sonos (SONO) reported strong earnings.
Canada Goose (GOOS) posts strong earnings.
Boeing (BA) received FAA approval for an electrical fix to some 737 Max planes.
Bumble (BMBL) beat earnings expectations but shares fell in the premarket.
Poshmark (POSH) earnings beat but shares fall heavily.
Bilibili (BILI) reported better than expected results, shares up 4% premarket.
XPEV reported good results ahead of expectations, shares up 4% premarket.
VROOM (VRM) beats earnings, shares up 13% in the premarket.
Ups and downs
Kinder Morgan |
KMI |
Wells Fargo |
Downgrades |
Athene Holding |
ATH |
UBS |
Downgrades |
Equitrans Midstream |
ETRN |
Wells Fargo |
Downgrades |
Soliton |
SOLY |
Cantor Fitzgerald |
Downgrades |
Holly Energy Partners |
HEP |
Wells Fargo |
Downgrades |
DCP Midstream |
DCP |
Wells Fargo |
Downgrades |
Graybug Vision |
GRAY |
SVB Leerink |
Downgrades |
Lumentum Holdings |
LITE |
Morgan Stanley |
Downgrades |
Deere |
DE |
BMO Capital |
Downgrades |
ITT |
ITT |
Gordon Haskett |
Downgrades |
Graybug Vision |
GRAY |
Needham |
Downgrades |
Funko |
FNKO |
B of A Securities |
Upgrades |
Q2 Holdings |
QTWO |
DA Davidson |
Upgrades |
Cornerstone Building |
CNR |
DA Davidson |
Upgrades |
Genesis Energy |
GEL |
Wells Fargo |
Upgrades |
Energy Transfer |
ET |
Wells Fargo |
Upgrades |
Points International |
PCOM |
RBC Capital |
Upgrades |
Atara Biotherapeutics |
ATRA |
JP Morgan |
Upgrades |
BJ's Wholesale Club |
BJ |
JP Morgan |
Upgrades |
Albemarle |
ALB |
RBC Capital |
Upgrades |
GrafTech International |
EAF |
RBC Capital |
Upgrades |
Ventas |
VTR |
Baird |
Upgrades |
Lowe's Companies |
LOW |
Oppenheimer |
Upgrades |
Pure Storage |
PSTG |
Evercore ISI Group |
Upgrades |
Infinera |
INFN |
Wolfe Research |
Upgrades |
Coupang |
CPNG |
Deutsche Bank |
Upgrades |
Chatham Lodging |
CLDT |
Stifel |
Upgrades |
Array Technologies |
ARRY |
Credit Suisse |
Upgrades |
Ventas |
VTR |
Keybanc |
Upgrades |
Pioneer Natural Resources |
PXD |
Keybanc |
Upgrades |
Economic releases due
At the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author is short SPY. The author has not received compensation for writing this article, other than from FXStreet.
This article is for information purposes only. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. It is important to perform your own research before making any investment and take independent advice from a registered investment advisor.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to accuracy, completeness, or the suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. The author will not be held responsible for information that is found at the end of links posted on this page.
Errors and omissions excepted.
Here is what you need to know on Thursday, May 13:
Wednesday's wake-up call to the dovish Fed was repeated with the release of PPI on Thursday. Core CPI was 0.7% versus forecasts for 0.4%. Does this mean that "buy the dip" is still in focus and "don't fight the Fed" is still the trade? As it stands, futures are doing exactly this, with the flat Dow Futures being an underperformer.
The dollar is losing some ground as it is not the only one that can raise rates. "Thank you very much," says the German Bund, as yields rise to nearly the highest in two years.
Oil is lower as Middle East tensions rise and observers note that it has already had a pretty decent run. Bitcoin suffers "the Elon affect" as he dumps on it, saying Tesla will stop accepting it as payment due to the coal burned for mining it.
Wall Street top news
US PPI higher than expected, core 0.7% versus 0.4%.
US Jobless claims 473k versus 490k expected.
China backs plan to exclude covid vaccines from intellectual property laws.
Bank of England deputy governor says it may need to issue a digital currency.
McDonald's (MCD) raising wages 10% in US company-owned restaurants.
DASH, AirBnB (ABNB) and Disney (DIS) report earnings after the close.
Ford (F) CEO says it is focused on having a self-driving car in 2022.
Colonial Pipeline has restarted.
BABA reported earnings ahead of expectations, shares down 2% premarket.
Sonos (SONO) reported strong earnings.
Canada Goose (GOOS) posts strong earnings.
Boeing (BA) received FAA approval for an electrical fix to some 737 Max planes.
Bumble (BMBL) beat earnings expectations but shares fell in the premarket.
Poshmark (POSH) earnings beat but shares fall heavily.
Bilibili (BILI) reported better than expected results, shares up 4% premarket.
XPEV reported good results ahead of expectations, shares up 4% premarket.
VROOM (VRM) beats earnings, shares up 13% in the premarket.
Ups and downs
Kinder Morgan |
KMI |
Wells Fargo |
Downgrades |
Athene Holding |
ATH |
UBS |
Downgrades |
Equitrans Midstream |
ETRN |
Wells Fargo |
Downgrades |
Soliton |
SOLY |
Cantor Fitzgerald |
Downgrades |
Holly Energy Partners |
HEP |
Wells Fargo |
Downgrades |
DCP Midstream |
DCP |
Wells Fargo |
Downgrades |
Graybug Vision |
GRAY |
SVB Leerink |
Downgrades |
Lumentum Holdings |
LITE |
Morgan Stanley |
Downgrades |
Deere |
DE |
BMO Capital |
Downgrades |
ITT |
ITT |
Gordon Haskett |
Downgrades |
Graybug Vision |
GRAY |
Needham |
Downgrades |
Funko |
FNKO |
B of A Securities |
Upgrades |
Q2 Holdings |
QTWO |
DA Davidson |
Upgrades |
Cornerstone Building |
CNR |
DA Davidson |
Upgrades |
Genesis Energy |
GEL |
Wells Fargo |
Upgrades |
Energy Transfer |
ET |
Wells Fargo |
Upgrades |
Points International |
PCOM |
RBC Capital |
Upgrades |
Atara Biotherapeutics |
ATRA |
JP Morgan |
Upgrades |
BJ's Wholesale Club |
BJ |
JP Morgan |
Upgrades |
Albemarle |
ALB |
RBC Capital |
Upgrades |
GrafTech International |
EAF |
RBC Capital |
Upgrades |
Ventas |
VTR |
Baird |
Upgrades |
Lowe's Companies |
LOW |
Oppenheimer |
Upgrades |
Pure Storage |
PSTG |
Evercore ISI Group |
Upgrades |
Infinera |
INFN |
Wolfe Research |
Upgrades |
Coupang |
CPNG |
Deutsche Bank |
Upgrades |
Chatham Lodging |
CLDT |
Stifel |
Upgrades |
Array Technologies |
ARRY |
Credit Suisse |
Upgrades |
Ventas |
VTR |
Keybanc |
Upgrades |
Pioneer Natural Resources |
PXD |
Keybanc |
Upgrades |
Economic releases due
At the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author is short SPY. The author has not received compensation for writing this article, other than from FXStreet.
This article is for information purposes only. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. It is important to perform your own research before making any investment and take independent advice from a registered investment advisor.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to accuracy, completeness, or the suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. The author will not be held responsible for information that is found at the end of links posted on this page.
Errors and omissions excepted.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.