Wake Up Wall Street (SPY) (QQQ): Tesla (TSLA) to stall, American (AAL) grounded but stocks rally on
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UPGRADEHere is what you need to know on Monday, November 1:
A new month and immediately we look to set yet more records. November and December have history on their side as bullish months, and with a record inflow of company buybacks starting it will be hard to round up this bull just yet. Headwinds are waiting but may have to bide their time. Yields continue to rise, supply chain mentions also continue to rise, but stocks too still rise.
Momentum is in charge here, so adjust accordingly. The Fed is now the only hope for bears as it meets this week and may have to try and puncture some optimism if not the bubble just yet. Given the Fed has taken a soft approach, we doubt anything too surprising will happen. Goldman though has brought forward its anticipated timeline for Fed hiking to July 2022. That is about a year earlier than their previous call.
Labour shortages are further demonstrated by the cancellation of over a thousand flights over the weekend by American Airlines (AAL), see more here. Bad weather has hampered an already tight crew situation. Friday sees more employment data hit the tape with Nonfarm Payrolls being the highlight of the week in data terms.
Globally, it is more of the same. Oil is higher at $84.52, Bitcoin is at $62,000, and the dollar is lower at $1.1580 versus the euro. Gold is at $1,788, and yields continue to surge again today.
See forex today
European markerts are higher: Eurostoxx +0.2%, FTSE +0.3% and Dax +0.65.
US futures are higher: S&P and Nasdaq are +0.2%, while the Dow is +0.3%.
Wall Street (SPY) stock news
UK and France continue to haggle over fishing rights with UK threatening action on trade issues.
Japan ruling party keeps the majority in the latest elections.
OPEC+ says to raise supply by 400k barrels per day every month.
Ryanair (RYAAY) posts a profit as it mulls delisting from London Stock Exchange due to Brexit.
Harley Davidson (HOG) up on the US, EU ending steel and aluminum tariffs.
Amazon (AMZN) workers in some German plants strike, according to Reuters.
ON Semiconductor (ON) up 12% premarket on strong earnings.
Spotify (SPOT) named top pick at Morgan Stanley-CNBC.
GameStop (GME): Jenna Owens is to leave just 7 months after joining as COO.
Microsoft (MSFT) and Sega exploring an alliance, according to Reuters.
Moderna (MRNA): US FDA says it needs more time to complete assessment for use of MRNA's drug in adolescents.
Roblox (RBLX) is back online after a multi-day outage.
Tesla (TSLA) board member Ira Ehrenpreis sells stock worth over $200 million, according to Reuters.
Xpeng (XPEV) deliveries increase over 200% year on year.
NIO deliveries drop 27% YoY.
Upgrades and downgrades
Source: Benzinga Pro
Economic releases
Here is what you need to know on Monday, November 1:
A new month and immediately we look to set yet more records. November and December have history on their side as bullish months, and with a record inflow of company buybacks starting it will be hard to round up this bull just yet. Headwinds are waiting but may have to bide their time. Yields continue to rise, supply chain mentions also continue to rise, but stocks too still rise.
Momentum is in charge here, so adjust accordingly. The Fed is now the only hope for bears as it meets this week and may have to try and puncture some optimism if not the bubble just yet. Given the Fed has taken a soft approach, we doubt anything too surprising will happen. Goldman though has brought forward its anticipated timeline for Fed hiking to July 2022. That is about a year earlier than their previous call.
Labour shortages are further demonstrated by the cancellation of over a thousand flights over the weekend by American Airlines (AAL), see more here. Bad weather has hampered an already tight crew situation. Friday sees more employment data hit the tape with Nonfarm Payrolls being the highlight of the week in data terms.
Globally, it is more of the same. Oil is higher at $84.52, Bitcoin is at $62,000, and the dollar is lower at $1.1580 versus the euro. Gold is at $1,788, and yields continue to surge again today.
See forex today
European markerts are higher: Eurostoxx +0.2%, FTSE +0.3% and Dax +0.65.
US futures are higher: S&P and Nasdaq are +0.2%, while the Dow is +0.3%.
Wall Street (SPY) stock news
UK and France continue to haggle over fishing rights with UK threatening action on trade issues.
Japan ruling party keeps the majority in the latest elections.
OPEC+ says to raise supply by 400k barrels per day every month.
Ryanair (RYAAY) posts a profit as it mulls delisting from London Stock Exchange due to Brexit.
Harley Davidson (HOG) up on the US, EU ending steel and aluminum tariffs.
Amazon (AMZN) workers in some German plants strike, according to Reuters.
ON Semiconductor (ON) up 12% premarket on strong earnings.
Spotify (SPOT) named top pick at Morgan Stanley-CNBC.
GameStop (GME): Jenna Owens is to leave just 7 months after joining as COO.
Microsoft (MSFT) and Sega exploring an alliance, according to Reuters.
Moderna (MRNA): US FDA says it needs more time to complete assessment for use of MRNA's drug in adolescents.
Roblox (RBLX) is back online after a multi-day outage.
Tesla (TSLA) board member Ira Ehrenpreis sells stock worth over $200 million, according to Reuters.
Xpeng (XPEV) deliveries increase over 200% year on year.
NIO deliveries drop 27% YoY.
Upgrades and downgrades
Source: Benzinga Pro
Economic releases
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