Wake Up Wall Street (SPY) (QQQ): Don't wake up! It's scary out here! 492 companies from S&P 500 finish red
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 all exclusive analysis, access our analysis and get Gold and signals alerts
Elevate your trading Journey.
UPGRADEHere is what you need to know on Thursday, May 19:
Wake up? Who wants to wake up to this nightmare. Certainly not stock investors as Wednesday saw Target shed the most since the infamous 1987 stock market crash. The US consumer is getting more selective, and retailers do not like it. Margin pressure is huge as inflation and rising costs begin to really bite. Finally, we know our end game. We now just have to get through the cycle. This ends in a US recession in early 2023 most likely, but it ends with the Fed being stuck behind the curve far longer than thought with inflation continuing to remain a sore spot.
Wednesday's decline was basically as broad as one could get. Nearly 90% of stocks closed lower, and of the S&P 500 a whopping 492 closed lower. Stand up those eight saviors: TJX Companies (TJX), Assurant (AIZ), NRG Energy (NRG), Progressive (PGR), Electronic Arts (EA), EPAM Systems (EPAM), Gilead Sciences (GILD) and Pinnacle West Capital Corporation (PNW). That is it out of 500 stocks! Meanwhile, the biggest losers are like a who's who of retail.
The dollar continues to come off recent highs, and it is down to 103.23 for the dollar index now. Oil has dropped on global recession fears to $106.50, while Gold is up to $1,834. Bitcoin is up to $29,400. Bond yields are all lower as safe haven buying came in, especially at the long end.
European markets are lower: Eurostoxx -0.9%, FTSE and Dax both -1.7%.
US futures are also lower: Nasdaq, Dow and S&P are all down 1.1%.
Wall Street Top News (SPY) (QQQ)
Turkey remains negative about Sweden and Finland's application for NATO membership.
US jobless claims: 218k versus 200k expected.
US Philly Fed Index: 2.6 versus 15 estimate.
Lucid (LCID) speeds up plans for Saudi Arabian factory.
Bath & Body Works (BBWI) cuts outlooks, stock slumps.
Under Armour (UAA) CEO stepping down.
Canada Goose (GOOS) surprises with profit, stock up 6%.
Spirit Airlines (SAVE) says shareholders should reject Jet Blue (JBLU) offer.
BJ Wholesale (BJ) up on strong earnings.
Grab Holdings (GRAB) up on earnings.
Cisco (CSC) down 10% on earnings.
Kohls (KSS) down 9% on earnings.
Eagle Materials (EXP) up 3% on earnings.
Tesla (TSLA) out of ESG Index.
Upgrades and downgrades
Source: Benzinga Pro
Economic releases
The author is long Apple and short Tesla and Twitter.
Here is what you need to know on Thursday, May 19:
Wake up? Who wants to wake up to this nightmare. Certainly not stock investors as Wednesday saw Target shed the most since the infamous 1987 stock market crash. The US consumer is getting more selective, and retailers do not like it. Margin pressure is huge as inflation and rising costs begin to really bite. Finally, we know our end game. We now just have to get through the cycle. This ends in a US recession in early 2023 most likely, but it ends with the Fed being stuck behind the curve far longer than thought with inflation continuing to remain a sore spot.
Wednesday's decline was basically as broad as one could get. Nearly 90% of stocks closed lower, and of the S&P 500 a whopping 492 closed lower. Stand up those eight saviors: TJX Companies (TJX), Assurant (AIZ), NRG Energy (NRG), Progressive (PGR), Electronic Arts (EA), EPAM Systems (EPAM), Gilead Sciences (GILD) and Pinnacle West Capital Corporation (PNW). That is it out of 500 stocks! Meanwhile, the biggest losers are like a who's who of retail.
The dollar continues to come off recent highs, and it is down to 103.23 for the dollar index now. Oil has dropped on global recession fears to $106.50, while Gold is up to $1,834. Bitcoin is up to $29,400. Bond yields are all lower as safe haven buying came in, especially at the long end.
European markets are lower: Eurostoxx -0.9%, FTSE and Dax both -1.7%.
US futures are also lower: Nasdaq, Dow and S&P are all down 1.1%.
Wall Street Top News (SPY) (QQQ)
Turkey remains negative about Sweden and Finland's application for NATO membership.
US jobless claims: 218k versus 200k expected.
US Philly Fed Index: 2.6 versus 15 estimate.
Lucid (LCID) speeds up plans for Saudi Arabian factory.
Bath & Body Works (BBWI) cuts outlooks, stock slumps.
Under Armour (UAA) CEO stepping down.
Canada Goose (GOOS) surprises with profit, stock up 6%.
Spirit Airlines (SAVE) says shareholders should reject Jet Blue (JBLU) offer.
BJ Wholesale (BJ) up on strong earnings.
Grab Holdings (GRAB) up on earnings.
Cisco (CSC) down 10% on earnings.
Kohls (KSS) down 9% on earnings.
Eagle Materials (EXP) up 3% on earnings.
Tesla (TSLA) out of ESG Index.
Upgrades and downgrades
Source: Benzinga Pro
Economic releases
The author is long Apple and short Tesla and Twitter.
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.