Wake Up Wall Street (SPY) (QQQ): Apple problems to hurt, but all eyes on midterm elections
Premium|Take advantage of 50% OFF on your first month.
Start your subscription and get access to all our original articles.
You have reached your limit of 5 free articles for this month.
Get Premium without limits for only $9.99 for the first month
Access all our articles, insights, and analysts.
UNLOCK OFFERHere is what you need to know on Monday, November 7:
Apple (AAPL) is biting sentiment this morning as the company said shipments will be disrupted from issues in the supply chain due to covid restrictions in China. The company says demand remains strong, but this is now a major source of debate. Apple being Apple, it dictates sentiment for the entire market. The FAANG sector is already reeling from earnings last week, and now we get reports of layoffs at Meta Platforms (META) from The Wall Street Journal. Things look challenging, but we enter the midterms with history on the side of bulls for the next three months. It is strongly so too with equities higher in nearly all midterm election quarters. Will it be a case of this time being different?
The dollar attempted an early rally but was swatted back and trades at 110.56 in the Dollar Index. Oil, gold and Bitcoin are also lower. Oil is suffering on China's covid restrictions, Gold is pausing after a massive rally on Friday, and Bitcoin is down to $20,700. Gold trades at $1,675 and WTI oil at $91.75.
European markets are mixed: Eurostoxx is +0.4%. FTSE -0.4% and the Dax is +1.4%.
US futures are also higher: Nasdaq, Dow and S&P are all +0.4%.
Wall Street top news (SPY) (QQQ)
Apple (AAPL) says shipments are lower due to covid issues in China.
BioNTech (BNTX) increases the range for vaccine revenues.
Palantir (PLTR) has strong forecasts and earnings, but EPS misses.
Meta Platforms (META): WSJ reports layoffs expected this week.
Ryanair (RYAAY) recorded summer profits and sees strong demand as employment is high.
Berkshire Hathaway (BRK.B) beats on earnings.
Digital World Acquisition Corp (DWAC) surges as speculation mounts of former President Trump running again in 2024.
Rivian (RIVN): Amazon said to expand the use of Rivian EVs.
Upgrades and downgrades
WSJ.com
Economic releases
Here is what you need to know on Monday, November 7:
Apple (AAPL) is biting sentiment this morning as the company said shipments will be disrupted from issues in the supply chain due to covid restrictions in China. The company says demand remains strong, but this is now a major source of debate. Apple being Apple, it dictates sentiment for the entire market. The FAANG sector is already reeling from earnings last week, and now we get reports of layoffs at Meta Platforms (META) from The Wall Street Journal. Things look challenging, but we enter the midterms with history on the side of bulls for the next three months. It is strongly so too with equities higher in nearly all midterm election quarters. Will it be a case of this time being different?
The dollar attempted an early rally but was swatted back and trades at 110.56 in the Dollar Index. Oil, gold and Bitcoin are also lower. Oil is suffering on China's covid restrictions, Gold is pausing after a massive rally on Friday, and Bitcoin is down to $20,700. Gold trades at $1,675 and WTI oil at $91.75.
European markets are mixed: Eurostoxx is +0.4%. FTSE -0.4% and the Dax is +1.4%.
US futures are also higher: Nasdaq, Dow and S&P are all +0.4%.
Wall Street top news (SPY) (QQQ)
Apple (AAPL) says shipments are lower due to covid issues in China.
BioNTech (BNTX) increases the range for vaccine revenues.
Palantir (PLTR) has strong forecasts and earnings, but EPS misses.
Meta Platforms (META): WSJ reports layoffs expected this week.
Ryanair (RYAAY) recorded summer profits and sees strong demand as employment is high.
Berkshire Hathaway (BRK.B) beats on earnings.
Digital World Acquisition Corp (DWAC) surges as speculation mounts of former President Trump running again in 2024.
Rivian (RIVN): Amazon said to expand the use of Rivian EVs.
Upgrades and downgrades
WSJ.com
Economic releases
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.