Wake Up Wall Street (SPDR, S&P 500, SPY): Range-trading time as volumes vanishes
Here is what you need to know on Thursday, December 22:
What, you're still here? Why? Do you think something is going to happen? Well, if 2022 is anything to go by, anything goes. It does seem like the market is in full wind -down mode now, though. The Santa rally finally got a brief lift-off on Wednesday and hopes were high that it may continue this morning.
The European session was positive and took its cue from the strong gains in Asia. But as we approach the early stages of the New York session, things have stalled and turned lower in Europe. United States stock market futures are also taking a leg lower. No major catalysts, just a general sense of apathy.
Concerns are being raised that the Bank of Japan (BoJ) moves may see Japanese investors repatriate their enormous overseas holdings as they perhaps now catch some domestic yield. Early days, but this is something to watch for in 2023.
The US Dollar has recovered slightly and DXY is marginally lower at 104.10. Gold price is holding gains at $1,816. Bitcoin price is flat at $16,800.
European markets are mixed, Eurostoxx -0.3%, FTSE +0.2% and Dax -0.4%
US futures are all negative Dow S&P and Nasdaq all -0.25%.
Wall Street top news
CarMax (KMX) falls sharply on weak earnings.
Under Armour (UAA) names new CEO.
Micron Technology (MU) is down on earnings missing estimates.
Reuters headlines
Tesla (TSLA) is offering $7,500 discounts on Model 3 and Model Y electric vehicles (EV) delivered in the United States this month, its website showed on Wednesday.
TikTok steps up efforts to clinch U.S. security deal.
Airbnb Inc (ABNB): The short-term accommodation services company must provide information in rental contracts to tax authorities and withhold tax under a national tax regime, the European Union's top court ruled.
Alphabet Inc (GOOGL): Google-parent Alphabet said it had approved a new equity award for Chief Executive Officer Sundar Pichai that ties more of his pay to performance.
Amazon.com Inc (AMZN): The online retailer may be deemed responsible for the advertising of counterfeit Christian Louboutin shoes which found its way onto its platform, Europe's top court said in a preliminary ruling.
Moderna Inc (MRNA): Moderna's planned vaccine manufacturing center in Britain will create more than 150 new jobs in the country, the UK government said.
Upgrades and downgrades
Source: Benzinga Pro
Economic releases
Premium
You have reached your limit of 3 free articles for this month.
Start your subscription and get access to all our original articles.
Author
Ivan Brian
FXStreet
Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.
