Wake Up Wall Street (SPY) (QQQ): Boom there goes the PPI record
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 Wednesday, April 13:
Just when you thought it was safe to go back into the water, the PPI rears up to take another bite out of your portfolio. On Tuesday the CPI print was high yes but not shockingly so and actually, the core number came in slightly lower than expected. Equities attempted to rally but an afternoon sell-off put paid to that. Wednesday's PPI was expected to be a non-event by comparison but instead it rockets higher. The core number came in double what was expected. Futures took an immediate leg lower before recovering to now basically trade flat. Bond yields spiked higher before also reversing so perhaps this one will get overlooked. We doubt it but we have pointed out how bond positioning is now all one way so it may be time to watch for a short squeeze in the bond market. This underreaction is further evidence of that. We see bond yields dropping in the next few weeks.
The dollar is weaker too at 100.41 for dollar index. Gold is higher at $1975 and oil is higher at $102. Bitcoin is lower by 0.6% at $39,700.
European markets are mixed: Eurostoxx -0.1%, FTSE +0.2% and Dax -1%.
US futures are positive, just: Nasdaq +0.3%, Dow and S&P both +0.15.
Wall Street (SPY) (QQQ) top news
Germany rejects an EU ban on Russian oil imports.
US PPI 9.2% yearly versus 8.4% estimate.
Bed Bath & Beyond (BBBY) misses earnings, down 10% premarket.
Delta Airlines (DAL) up on EPS beat despite revenue missing.
Paypal (PYPL) down on CFO departure.
United Airlines (UAL) Southwest (LUV) and American Airlines (AAL) up on Delta read across.
JPMorgan (JPM) misses on EPS revenue beats, $30 billion buyback, shares down 3% premarket.
BlackRock (BLK) beat on EPS now managing $9.57 trillion!
Charles Schwab (SCHW) named a top pick by Morgan Stanley.
Upgrades and downgrades
Source: Benzinga Pro
Economic releases
Here is what you need to know on Wednesday, April 13:
Just when you thought it was safe to go back into the water, the PPI rears up to take another bite out of your portfolio. On Tuesday the CPI print was high yes but not shockingly so and actually, the core number came in slightly lower than expected. Equities attempted to rally but an afternoon sell-off put paid to that. Wednesday's PPI was expected to be a non-event by comparison but instead it rockets higher. The core number came in double what was expected. Futures took an immediate leg lower before recovering to now basically trade flat. Bond yields spiked higher before also reversing so perhaps this one will get overlooked. We doubt it but we have pointed out how bond positioning is now all one way so it may be time to watch for a short squeeze in the bond market. This underreaction is further evidence of that. We see bond yields dropping in the next few weeks.
The dollar is weaker too at 100.41 for dollar index. Gold is higher at $1975 and oil is higher at $102. Bitcoin is lower by 0.6% at $39,700.
European markets are mixed: Eurostoxx -0.1%, FTSE +0.2% and Dax -1%.
US futures are positive, just: Nasdaq +0.3%, Dow and S&P both +0.15.
Wall Street (SPY) (QQQ) top news
Germany rejects an EU ban on Russian oil imports.
US PPI 9.2% yearly versus 8.4% estimate.
Bed Bath & Beyond (BBBY) misses earnings, down 10% premarket.
Delta Airlines (DAL) up on EPS beat despite revenue missing.
Paypal (PYPL) down on CFO departure.
United Airlines (UAL) Southwest (LUV) and American Airlines (AAL) up on Delta read across.
JPMorgan (JPM) misses on EPS revenue beats, $30 billion buyback, shares down 3% premarket.
BlackRock (BLK) beat on EPS now managing $9.57 trillion!
Charles Schwab (SCHW) named a top pick by Morgan Stanley.
Upgrades and downgrades
Source: Benzinga Pro
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.