Wake Up Wall Street (SPX) (QQQ): Bitcoin crash hits crypto sector, but stock market looks set for gains

Here is what you need to know on Monday, June 21:

Bitcoin woes have resurfaced after a few weeks of relative calm. China has the cryptocurrency leader firmly in its sights due to increasing worries over energy usage. The future definitely looks unclear for Bitcoin as companies are increasingly under greater and greater ESG pressure from investors. Obviously, crypto stocks such as MARA, COIN, RIOT, MSTR and others are lower in Monday's premarket. 

Equity markets were hit with the one-two sucker punch of the Fed backed up with hawk James Bullard on Friday, and the jabbing certainly softened up equity markets, which accelerated declines on Friday. The S&P 500 did retreat to trend line support, so this will be key and show the likelihood of "buying the dip" continuing to be the only show in town. 

The dollar meanwhile retreats toward 1.19 versus the euro, having gone on a taper tantrum last week. Bitcoin as mentioned is falling again, down to $32,200. Oil is unchanged at $71.50, and Gold is stronger at $1,775.

See Forex today

European markets are stronger the Dax is +0.7%, FTSE +0.4% and the EuroStoxx is +0.75%.

US futures are also higher, the S&P is +0.4%, Dow +0.6%, and Nasdaq is +0.2%.

Wall Street top news

Reports that Yellen, Powell and Gensler are to meet with President Biden on Monday.

China looks to crack down further on crypto mining energy usage this time in Sichuan province.

AMZN: Prime Day begins on Monday.

American Airlines (AAL): as demand continues to pick up, the airline has to cancel flights due to staff shortages and operational issues.

PLUG Power results tomorrow.

COIN down 3% premarket, RIOT and MARA down 7% premarket. MSTR down 7% premarket.

GlobalStar (GSAT): B Riley Securities starts coverage with a Buy rating, stock up 6% premarket.

WISH is back on retail radar as shares up 4% premarket.

ZIP Recruiter rated new Buy by Goldman Sachs.

GSK is to cut its dividend, according to The Daily Mail.

AMC: retail still pushing as AMC shares rise 4% premarket.

51job (JOBS) up 4% premarket as trading halted due to M&A news.


Upgrades, downgrades and premarket movers

Source: Benzinga Pro

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