Here is what you need to know on Tuesday, May 11:
Equity markets are in the red again on Tuesday as the Fed looks on, powerless for now. Inevitable really. Things cannot keep going up forever, but it is always easier in hindsight. Meme stocks and high-value names continue to suffer disproportionally. Palantir (PLTR) reported strong earnings, but the valuation is just too high. The speculation over ARKK continues as most names suffer further falls on Monday and again in Tuesday's premarket.
The VIX continues to awake from its slumber, up another 13% on Tuesday, hitting 22 while even the 10-year makes a move with the yield moving above 1.6%.
European markets are hammered with the Dax taking a 2.6% bath, while the EuroStoxx and FTSE are both down just under 2%.
US futures are also lower with the Nasdaq over 2% down, and the Dow and S&P both down just over 1%.
Wall Street top news
Colonial Pipeline, shutdown due to ransomware attack, is expected to open by the end of the week, company says.
AAPL, MSFT, GOOGL, INTC and others to form new lobby group calling on the government to introduce chip manufacturing subsidies.
AAPL: Production of the iPhone 12 in India is down over 50% due to workers being infected with covid, according to Reuters.
TSLA: halts plans to buy land in Shanghai for an expansion of its plant there as US-China tensions weigh.
GOOGL: launches partnership with Wise and Western Union to enable transfers from US to India and Singapore.
AAL has to add a stop to two long-haul routes because of fuel shortages due to the Colonial Pipeline ransomware attack.
Pfizer (PFE) BioNTech (BNTX): FDA approves use in 12 to 15 year olds.
Virgin Galactic (SPCE): shares dump as it delays next flight, and results for Q1 also miss estimates.
Callaway Golf (ELY) posts strong earnings, shares up 4% premarket.
LBrands (LB) to spin off Victoria's Secret division instead of selling it.
Perrigo (PRGO) shares fall as results disappoint.
Novavax (NVAX): drops 14% in premarket as results beat, but regulatory concerns worry investors.
QuantumScape(QS) drops 10% in the premarket ahead of results after the close.
Roblox (RBLX): user growth of 79% YoY sees stock rise 3% in after-hours on Monday. Sales rise from $161.6m to $386.9 m YoY.
3D Systems (DDD) smashed earnings, shares up 10% premarket.
Ups and downs
Tyson Foods (TSN): Piper Sandler downgrades.
Smile Direct (SDC): not smiling as JPMorgan downgrades.
BioNTech (BNTX): Bryan Garnier downgrades.
DOW: Goldman Sachs downgrades.
Aurora (ACB): CIBC downgrades.
Hunstman (HUN): Goldman Sachs downgrades.
CEVA: Barclays and Northland Capital both upgrade.
WYNN: Citi upgrades.
US Steel (X): Morgan Stanley upgrades.
Shopify (SHOP): Loop upgrades.
Nike (NKE): Jefferies upgrades.
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