Wake Up Wall Street (SPY) (QQQ): Retail earnings relief arrives as DLTR, DG beat
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UNLOCK OFFERHere is what you need to know on Thursday, May 26:
Oil stocks got a shock from the UK this morning as they slapped a 25% tax on oil and gas profits due to surging energy prices. No follow through yet, but this could lead to copycat taxes as governments struggle for cash and energy companies are an easy target. The US GDP report just out shows the situation worsening and gives more importance to the flow of retailers reporting on Thursday. We have Costco (COST), Dollar Tree (DLTR) and Dollar General (DG) all reporting. Consumer spending makes up 70% of US GDP, so these stocks require close attention. Macy's (M) is surging ahead as it reported pretty decent earnings and forecasts, and both Dollars, Tree and General, are also well ahead after strong earnings. This should give the consumer sector some relief after Walmart and Target forced a loss in confidence.
Over the currency world, the dollar continues to slide and trades at $1.07 versus the euro. The dollar index is down to 102.05. Oil is steady at $111, and Gold is at $1,843. Bitcoin is lower at $28,800.
European markets are higher: Eurostoxx +0.7%, FTSE +0.2% and Dax +0.75.
US futures are also higher: S&P +0.6%, Dow +0.5% and Nasdaq +0.2%.
Wall Street Top News
UK slaps tax on oil and gas companies, 25%.
Dollar Tree (DLTR) up 15% on earnings beat.
Dollar General (DG) up 12% on strong earnings.
Twitter (TWTR): Elon Musk to commit more of his cash to the deal.
Tesla (TSLA): Our deep-dive analysis slaps it with a $400 price target, here.
Alibaba (BABA) beats on earnings, more here.
GGPI sets the date for the SPAC deal vote on June 22.
Baidu (BIDU) is up on strong earnings.
Nvidia (NVDA) is down on weak guidance.
Williams-Sonoma (WSM) up on strong earnings.
Snowflake (SNOW) down 10% on earnings.
Kraft Heinz (KHC) was downgraded by UBS.
Upgrades and downgrades
Source: Benzinga Pro
Economic releases
The author is short Tesla and Twitter and long GGPI.
Here is what you need to know on Thursday, May 26:
Oil stocks got a shock from the UK this morning as they slapped a 25% tax on oil and gas profits due to surging energy prices. No follow through yet, but this could lead to copycat taxes as governments struggle for cash and energy companies are an easy target. The US GDP report just out shows the situation worsening and gives more importance to the flow of retailers reporting on Thursday. We have Costco (COST), Dollar Tree (DLTR) and Dollar General (DG) all reporting. Consumer spending makes up 70% of US GDP, so these stocks require close attention. Macy's (M) is surging ahead as it reported pretty decent earnings and forecasts, and both Dollars, Tree and General, are also well ahead after strong earnings. This should give the consumer sector some relief after Walmart and Target forced a loss in confidence.
Over the currency world, the dollar continues to slide and trades at $1.07 versus the euro. The dollar index is down to 102.05. Oil is steady at $111, and Gold is at $1,843. Bitcoin is lower at $28,800.
European markets are higher: Eurostoxx +0.7%, FTSE +0.2% and Dax +0.75.
US futures are also higher: S&P +0.6%, Dow +0.5% and Nasdaq +0.2%.
Wall Street Top News
UK slaps tax on oil and gas companies, 25%.
Dollar Tree (DLTR) up 15% on earnings beat.
Dollar General (DG) up 12% on strong earnings.
Twitter (TWTR): Elon Musk to commit more of his cash to the deal.
Tesla (TSLA): Our deep-dive analysis slaps it with a $400 price target, here.
Alibaba (BABA) beats on earnings, more here.
GGPI sets the date for the SPAC deal vote on June 22.
Baidu (BIDU) is up on strong earnings.
Nvidia (NVDA) is down on weak guidance.
Williams-Sonoma (WSM) up on strong earnings.
Snowflake (SNOW) down 10% on earnings.
Kraft Heinz (KHC) was downgraded by UBS.
Upgrades and downgrades
Source: Benzinga Pro
Economic releases
The author is short Tesla and Twitter and long GGPI.
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