Wake Up Wall Street (SPY) (QQQ): Apple, Snap bite META, GOOGL
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UPGRADEHere is what you need to know on Friday, October 21:
Equity markets remain nervous as earnings season is overshadowed by the ever-increasing specter of rising rates. This has seen tech and growth stocks continue to suffer and earnings from Snap (SNAP) overnight will not have helped. The outlook for ad spending looks weak and Meta Platforms (META) and Alphabet (GOOGL) among others are being dragged lower as a result. Consumers it seems are still spending on travel and food items without yet cutting to lower-priced alternatives, but businesses are increasingly preparing for a slowdown and cutting back. Bond yields though continue to react to more hawkish rhetoric from Fed members, and equities and may take some relief from the fact that today is the last chance for talk before the blackout next week.
The dollar has popped above 150 versus the yen with no sign of intervention. The dollar index is up over 0.5% to 113.50, and Bitcoin is lower at $18,900. Gold is slightly lower at $1,623, while oil is flat at $84.30.
European markets are lower: Eurostoxx -0.6%, FTSE -0.4% and Dax -1.1%.
US futures are lower: S&P and Dow are both -0.4% while the Nasdaq is -0.7%
Wall Street (SPY) (QQQ) top news
American Express (AXP) beats on EPS and revenue.
Verizon (VZ) beats on EPS and revenues.
Twitter (TWTR) down in premarket on a Bloomberg report of the Biden administration discussing possibly reviewing Musk ventures.
SNAP is down 25% on earnings.
META and GOOGL are also down based on the above digital advertising revenue concerns.
Pfizer (PFE) expects to quadruple the price of covid vaccine once the US government deal ends.
Twitter (TWTR) said no plans to lay off staff after a Washington Post article saying Musk considering layoffs.
Apple (AAPL): Foxconn says production is still normal at iPhone plant in China despite covid restrictions.
Revlon (REV) trading in shares suspended by NYSE.
Autoliv (ALV) up despite earnings miss.
Regions Financial (RF) misses earnings on top and bottom lines.
Simply Good Foods (SMPL) is up on strong earnings.
Upgrades and downgrades
Source: WSJ.com
Economic releases
Here is what you need to know on Friday, October 21:
Equity markets remain nervous as earnings season is overshadowed by the ever-increasing specter of rising rates. This has seen tech and growth stocks continue to suffer and earnings from Snap (SNAP) overnight will not have helped. The outlook for ad spending looks weak and Meta Platforms (META) and Alphabet (GOOGL) among others are being dragged lower as a result. Consumers it seems are still spending on travel and food items without yet cutting to lower-priced alternatives, but businesses are increasingly preparing for a slowdown and cutting back. Bond yields though continue to react to more hawkish rhetoric from Fed members, and equities and may take some relief from the fact that today is the last chance for talk before the blackout next week.
The dollar has popped above 150 versus the yen with no sign of intervention. The dollar index is up over 0.5% to 113.50, and Bitcoin is lower at $18,900. Gold is slightly lower at $1,623, while oil is flat at $84.30.
European markets are lower: Eurostoxx -0.6%, FTSE -0.4% and Dax -1.1%.
US futures are lower: S&P and Dow are both -0.4% while the Nasdaq is -0.7%
Wall Street (SPY) (QQQ) top news
American Express (AXP) beats on EPS and revenue.
Verizon (VZ) beats on EPS and revenues.
Twitter (TWTR) down in premarket on a Bloomberg report of the Biden administration discussing possibly reviewing Musk ventures.
SNAP is down 25% on earnings.
META and GOOGL are also down based on the above digital advertising revenue concerns.
Pfizer (PFE) expects to quadruple the price of covid vaccine once the US government deal ends.
Twitter (TWTR) said no plans to lay off staff after a Washington Post article saying Musk considering layoffs.
Apple (AAPL): Foxconn says production is still normal at iPhone plant in China despite covid restrictions.
Revlon (REV) trading in shares suspended by NYSE.
Autoliv (ALV) up despite earnings miss.
Regions Financial (RF) misses earnings on top and bottom lines.
Simply Good Foods (SMPL) is up on strong earnings.
Upgrades and downgrades
Source: WSJ.com
Economic releases
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