Wake Up Wall Street (SPY) (QQQ): With highs for stocks, oil and yields, something has got to give
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UNLOCK OFFERHere is what you need to know on Friday, October 22:
A new record high close for the S&P 500 on Thursday comes despite some interesting headwinds brewing. Friday's price action looks more muted and will set up the interesting possibility we alluded to. Can the SPY form a double top? Now that would get technical analysts salivating. When you add in soaring energy prices, inflation and now yields, it does make you wonder. The flow of money in has just been too strong, and earnings have held up their side of the bargain. That may be about to change though as Intel (INTC) slumps in the premarket after an earnings miss.
The dollar, meanwhile, was fairly calm despite rising yields. Bitcoin is back up above $63,000, and Gold is at $1,791. The US 10-year yield is at 1.75%.
See forex today
European markets are higher: Eurostoxx +15, Dax +0.8% and FTSE +0.5%.
US futures are mixed, the Nasdaq is -0.2% but Dow and S&P are both +0.1%.
Wall Street (SPY) (QQQ) top news
SNAP warns of slowing growth and the stock collapses nearly 20% in premarket.
American Express (AXP) beats estimates on earnings.
Intel (INTC) down on weakening profit margins.
Chipotle (CMG) beats estimates.
Boston Beer (SAM) falls 3.5% in premarket after reporting a loss.
Intercontinental Hotels Group (IHG) sees a strong recovery in international travel with strong bookings.
Mattel (MAT) up over 7% premarket on beating estimates.
Apple (AAPL): Reuters exclusive says talks with battery suppliers for EV are stalled, see more.
Southwest (LUV) downgraded by Evercore.
Zoom Video (ZM): JP Morgan upgrades the stock.
Urban Outfitters (URBN): Citi upgrades the stock.
Walmart (WMT) says customers at some stores can buy Bitcoin using ATM-like machines-Reuters.
Upgrades, downgrades, earnings, and premarket movers
Source: Benzinga Pro
Economic releases
Here is what you need to know on Friday, October 22:
A new record high close for the S&P 500 on Thursday comes despite some interesting headwinds brewing. Friday's price action looks more muted and will set up the interesting possibility we alluded to. Can the SPY form a double top? Now that would get technical analysts salivating. When you add in soaring energy prices, inflation and now yields, it does make you wonder. The flow of money in has just been too strong, and earnings have held up their side of the bargain. That may be about to change though as Intel (INTC) slumps in the premarket after an earnings miss.
The dollar, meanwhile, was fairly calm despite rising yields. Bitcoin is back up above $63,000, and Gold is at $1,791. The US 10-year yield is at 1.75%.
See forex today
European markets are higher: Eurostoxx +15, Dax +0.8% and FTSE +0.5%.
US futures are mixed, the Nasdaq is -0.2% but Dow and S&P are both +0.1%.
Wall Street (SPY) (QQQ) top news
SNAP warns of slowing growth and the stock collapses nearly 20% in premarket.
American Express (AXP) beats estimates on earnings.
Intel (INTC) down on weakening profit margins.
Chipotle (CMG) beats estimates.
Boston Beer (SAM) falls 3.5% in premarket after reporting a loss.
Intercontinental Hotels Group (IHG) sees a strong recovery in international travel with strong bookings.
Mattel (MAT) up over 7% premarket on beating estimates.
Apple (AAPL): Reuters exclusive says talks with battery suppliers for EV are stalled, see more.
Southwest (LUV) downgraded by Evercore.
Zoom Video (ZM): JP Morgan upgrades the stock.
Urban Outfitters (URBN): Citi upgrades the stock.
Walmart (WMT) says customers at some stores can buy Bitcoin using ATM-like machines-Reuters.
Upgrades, downgrades, earnings, and premarket movers
Source: Benzinga Pro
Economic releases
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