Wake Up Wall Street (SPY) (QQQ): Consumer cyclical earnings may tamp down morale for second week
Premium|Take advantage of 50% OFF on your first month.
50% OFF and access to ALL our articles and insights.
You have reached your limit of 5 free articles for this month.
Take advantage of the Special Price just for today!
50% OFF and access to ALL our articles and insights.
Subscribe to PremiumHere is what you need to know on Monday, May 23:
Consumer stocks will once again take the focus this week. Costco (COST), Dollar General (DG) and Dollar Tree (DLTR) are the highlights later in the week. After the horror show of Walmart (WMT) and Target (TGT) last week, investors will be wondering just how much worse it can get. Wait and see, but the risk/reward is not favoring outerperformance in our view. A fairly light slate on the data front this morning sees the German IFO suprise to the upside, which has helped European equities build on Friday's late US rally.
Investor sentiment is terrible. The latest from AAII, Investors Intelligence and the Bank of America Monthly Fund Manager survey all demonstrates that investors are strongly bearish and reducing equity exposure. This could and should set up the potential for a month-end rally.
The dollar too showed some overweight positions from the lastest CME commitment of traders report, and it has already been on the back foot this morning. The Dollar Index is back to 102.35. Oil trades at $111.30, and Bitcoin is still clinging to $30,000. Gold is steady at $1,855.
European markets are higher: Eurostoxx +0.2%, FTSE +1% and Dax +0.8%.
US futures are also higher: S&P +0.8%, Nasdaq +0.5% and Dow +0.9%.
Wall Street Top News (SPY) (QQQ)
President Biden says US is willing to defend Taiwan.
German IFO better than expected.
Electronic Arts (EA) rumoured to be up for sale, according to Puck News.
GameStop (GME) launches digital wallet for NFTs.
Pfizer (PFE) says three doses offer strong protection to kids under five.
Emergent Bio (EBS) and SIGA up strongly on monkeypox concerns.
Boeing (BA) airliner docks with space station successfully.
VMWare (VMW) spiking on reports that it is to be bought by Broadcom (AVGO).
AMD debuts new Ryzen chips.
Upgrades and downgrades
Source: Benzinga
Economic releases
Here is what you need to know on Monday, May 23:
Consumer stocks will once again take the focus this week. Costco (COST), Dollar General (DG) and Dollar Tree (DLTR) are the highlights later in the week. After the horror show of Walmart (WMT) and Target (TGT) last week, investors will be wondering just how much worse it can get. Wait and see, but the risk/reward is not favoring outerperformance in our view. A fairly light slate on the data front this morning sees the German IFO suprise to the upside, which has helped European equities build on Friday's late US rally.
Investor sentiment is terrible. The latest from AAII, Investors Intelligence and the Bank of America Monthly Fund Manager survey all demonstrates that investors are strongly bearish and reducing equity exposure. This could and should set up the potential for a month-end rally.
The dollar too showed some overweight positions from the lastest CME commitment of traders report, and it has already been on the back foot this morning. The Dollar Index is back to 102.35. Oil trades at $111.30, and Bitcoin is still clinging to $30,000. Gold is steady at $1,855.
European markets are higher: Eurostoxx +0.2%, FTSE +1% and Dax +0.8%.
US futures are also higher: S&P +0.8%, Nasdaq +0.5% and Dow +0.9%.
Wall Street Top News (SPY) (QQQ)
President Biden says US is willing to defend Taiwan.
German IFO better than expected.
Electronic Arts (EA) rumoured to be up for sale, according to Puck News.
GameStop (GME) launches digital wallet for NFTs.
Pfizer (PFE) says three doses offer strong protection to kids under five.
Emergent Bio (EBS) and SIGA up strongly on monkeypox concerns.
Boeing (BA) airliner docks with space station successfully.
VMWare (VMW) spiking on reports that it is to be bought by Broadcom (AVGO).
AMD debuts new Ryzen chips.
Upgrades and downgrades
Source: Benzinga
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.