Wake Up Wall Street (SPY) (QQQ): Walmart worries, but retail sales keep the faith
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 Tuesday, May 17:
Retail sales thankfully let bulls off the hook and may allow this bear market rally to finally get going. Monday was a bit timid with investors fearful of doing anything after recent pummelings. The real retail sales metric (WMT Q1 earnings) was fine, but Walmart's outlook was terrible. Remember economic releases are backward-looking, and guidance is forward-looking. Walmart's warning is a big concern. Twitter and Elon Musk's circus show drags on with more news this morning from the platform that it expects the deal to go through as is.
The dollar index is on the defensive, down to 103.61 primarily on positioning, as this recent move closes. Oil is higher at $114, and Bitcoin is still holding above $30,000. Gold is at $1,833, and US yields are higher this morning.
European markets are higher: Eurostoxx +1.5%, FTSE +1% and Dax +1.5%
US futures are also higher: S&P +1.5%, Dow +1.1% and Nasdaq +1.8%
Wall Street Top News (QPY) (QQQ)
US retail sales hold up +0.9% versus 1% estimate monthly, core +0.6% versus 0.4% estimate.
Twitter (TWTR) files that it expects Musk deal at original price.
Apple (AAPL): Scion Capital's Michael Bury is short, according to the latest filings.
Citi (C): Buffet is long a decent stake as per filings.
Walmart (WMT) down 6% on poor guidance, cites inflation concerns.
Home Depot (HD) beats estimates.
United Airlines (UAL) raises outlook for revenue.
JD.com (JD) beats on top and bottom lines.
Rivian (RIVN) CEO buys over $1 million worth of stock. Ford has been selling.
Starbucks (SBUX) CEO buys shares.
Saudi Aramco (ARMCO) mulls IPO of trading unit.
Upgrades and Downgrades
Source: Benzinga Pro
Economic Releases
The author is long IUSA and short Tesla and Twitter
Here is what you need to know on Tuesday, May 17:
Retail sales thankfully let bulls off the hook and may allow this bear market rally to finally get going. Monday was a bit timid with investors fearful of doing anything after recent pummelings. The real retail sales metric (WMT Q1 earnings) was fine, but Walmart's outlook was terrible. Remember economic releases are backward-looking, and guidance is forward-looking. Walmart's warning is a big concern. Twitter and Elon Musk's circus show drags on with more news this morning from the platform that it expects the deal to go through as is.
The dollar index is on the defensive, down to 103.61 primarily on positioning, as this recent move closes. Oil is higher at $114, and Bitcoin is still holding above $30,000. Gold is at $1,833, and US yields are higher this morning.
European markets are higher: Eurostoxx +1.5%, FTSE +1% and Dax +1.5%
US futures are also higher: S&P +1.5%, Dow +1.1% and Nasdaq +1.8%
Wall Street Top News (QPY) (QQQ)
US retail sales hold up +0.9% versus 1% estimate monthly, core +0.6% versus 0.4% estimate.
Twitter (TWTR) files that it expects Musk deal at original price.
Apple (AAPL): Scion Capital's Michael Bury is short, according to the latest filings.
Citi (C): Buffet is long a decent stake as per filings.
Walmart (WMT) down 6% on poor guidance, cites inflation concerns.
Home Depot (HD) beats estimates.
United Airlines (UAL) raises outlook for revenue.
JD.com (JD) beats on top and bottom lines.
Rivian (RIVN) CEO buys over $1 million worth of stock. Ford has been selling.
Starbucks (SBUX) CEO buys shares.
Saudi Aramco (ARMCO) mulls IPO of trading unit.
Upgrades and Downgrades
Source: Benzinga Pro
Economic Releases
The author is long IUSA 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.