S&P 500 (SPX), Nasdaq (QQQ) Day Ahead: PPI confirms CPI, Fed in bed as inflation means red


Here is what you need to know on Thursday, May 13:

Wednesday's wake-up call to the dovish Fed was repeated with the release of PPI on Thursday. Core CPI was 0.7% versus forecasts for 0.4%. Does this mean that "buy the dip" is still in focus and "don't fight the Fed" is still the trade? As it stands, futures are doing exactly this, with the flat Dow Futures being an underperformer. 

The dollar is losing some ground as it is not the only one that can raise rates. "Thank you very much," says the German Bund, as yields rise to nearly the highest in two years.

Oil is lower as Middle East tensions rise and observers note that it has already had a pretty decent run. Bitcoin suffers "the Elon affect" as he dumps on it, saying Tesla will stop accepting it as payment due to the coal burned for mining it.

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Wall Street top news

US PPI higher than expected, core 0.7% versus 0.4%.

US Jobless claims 473k versus 490k expected.

China backs plan to exclude covid vaccines from intellectual property laws.

Bank of England deputy governor says it may need to issue a digital currency.

McDonald's (MCD) raising wages 10% in US company-owned restaurants.

DASH, AirBnB (ABNB) and Disney (DIS) report earnings after the close.

Ford (F) CEO says it is focused on having a self-driving car in 2022.

Colonial Pipeline has restarted.

BABA reported earnings ahead of expectations, shares down 2% premarket.

Sonos (SONO) reported strong earnings.

Canada Goose (GOOS) posts strong earnings.

Boeing (BA) received FAA approval for an electrical fix to some 737 Max planes.

Bumble (BMBL) beat earnings expectations but shares fell in the premarket.

Poshmark (POSH) earnings beat but shares fall heavily.

Bilibili (BILI) reported better than expected results, shares up 4% premarket.

XPEV reported good results ahead of expectations, shares up 4% premarket.

VROOM (VRM) beats earnings, shares up 13% in the premarket. 

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Economic releases due

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