Wake Up Wall Street (SPY) (QQQ): Jobs report eases fears of stagflation, yields drop so equities pop
|Here is what you need to know on Friday, November 5:
Boom! Just like that the economy is back on track as a strong jobs report puts fears of stagflation to bed, and bulls are likely to roam the higher record-breaking plains again. Is there anything that can stop this market juggernaut? Well, China may have a trick or two up its sleeve as another property developer is in trouble. Kaisa this time joins Evergrande in the dodgy debt debacle. Investors are not giving any heed, but keep an eye on this one. We feel this one may return on a grande scale.
Tech stocks continued to set the pace on Thursday as the Nasdaq outperformed the other indices. The Russel 2000 (IWM) was again the laggard as it finished in the red.
The dollar remains strong with the joint headwinds of potentially higher rates and now higher growth, with that jobs report seeing it push to 1.1525 versus the euro. Oil is below $80 for the first time in a while at $79.69, Bitcoin still steady at around $61,500, and Gold is at $1,790.
See forex today
European marklets are all higher: EutoStox +0.9%, FTSE +0.5% and Dax +0.3%.
US futures are higher: S&P and Dow are +0.4%, while the Nasdaq is +0.3%.
Wall Street (SPY) (QQQ) stock news
US nonfarm payrolls +531k versus 450k estimate and previous 194k.
Peloton (PTON) shares collapse in premarket after weak earnings last night. See here.
Tesla (TSLA) raises prices by $1,000. See more here.
Shake Shack (SHAK) up 9% on EPS beat but revenue miss. BTIG upgrades with a $100 price target.
Pfizer (PFE) says its experimental covid pill reduced the risk of hospitalization and death by 90%. Up 9% premarket.
DraftKings (DKNG) drops 8% on guidance and earnings.
CanopyGrowth (CGC) beats on EPS, but revenue misses, stock falls 3%.
Emergent Bio (EBS) falls 17% as the US government ends contract.
Nvidia (NVDA) soars to record highs on QCOM earnings and Wells Fargo article, see here.
Expedia (EXPE) up over 10% on strong EPS beat, over double.
AirBnB (ABNB) also beats as travel is back on.
BigCommerce (BIGC) up 16% on earnings beat.
UBER beats on EPS, up 1%.
Datadog (DDOG) beats on EPS, up 14%.
Pinterest (PINS): EPS beat of 5 cents with revenue also ahead. Up 3% premarket.
BioNTech (BNTX) down 11% and Moderna (MRNA) down 15% on data from competitor Pfizer (PFE), see above. Goldman also lowered price target on Moderna.
Square (SQ) sees Bitcoin helping out as EPS matches forecasts but revenue misses.
Canada Goose (GOOS) up 12% on earnings.
Upgrades, downgrades
Source: Benzinga Pro
Economic releases
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