Wake Up Wall Street (SPX) (QQQ): Bitcoin dumps, so memes should pump

Here is what you need to know on Monday, May 17:

Bitcoin returns to the weekend dump trend as it clings to $45,000. Technically is looks vulnerable below, so it is all hands on deck for now. Elon Musk certainly joins the bulls as he says Tesla is not selling any. Either way, the weakness in Bitcoin and some other cryptocurrencies will likely feed into meme stocks on Monday as the negative correlation between the two remains intact. Obviously, crypto stocks such as COIN, MARA, RIOT and others will be under pressure.

See FAANGT stocks technical analysis and key levels.

The dollar remains weak after Friday's disappointing Retail Sales number out of the US. Yields have retreated as the Fed has further ammunition to keep rates lower for longer.

The dollar drops to 1.2160 versus the euro, and Oil is calm at $65 despite escalating Middle East tensions. Gold is moderately higher at $1,847. Bitcoin is $45,644.

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European markets are lower with the FTSE and EuroStoxx both down 0.9%, while the Dax is down 0.4%.

US futures are pointing lower with the Dow and S&P both down 0.5%, and the Nasdaq down 0.6%.

Wall Street top news

EU due to hit 200 million vaccines administered this week.

China factory output slows in April, and retail sales miss estimates.

EU and US agree to a truce over metal and steel tariffs.

TSLA: Elon Musk says Tesla has not sold any Bitcoin.

Wholesale price data from Japan matched the peak seen in 2014. 

AT&T (T) announces a deal worth $43 billion to merge Warner Media with Discovery (DISCA).

MUFG, Japan's top lender, posted better than expected results. 

Boeing (BA): FAA asks airlines to check 143 older Boeing 737 models after discovering possible wire failures from the investigation into an Indonesian crash.

Royal Caribbean (RCL) is cancelling a voyage from Israel to Greece and Cyprus.

Stellantis (STLA), one of the world's largest auto manufacturers, and Foxxconn, assembler of the iPhone, announce a strategic partnership.

Walmart (WMT) says fully vaccinated employees will not need to wear a mask to work. Walmart releases Q1 results on Tuesday.

Disney (DIS) makes mask wearing optional in outdoor spaces.

United Microelectronics (UMC) and Taiwan Semi-Conductor (TSM) shares fall after a covid outbreak in Taiwan. 

Hostess Brands (TWNK) reports just ahead of estimates.

Microstrategy (MSTR) RIOT, MARA and COIN drop in premarket as Bitcoin slumps. 

Sanofi (SNY) and Glaxo SmithKline (GSK) report strong results for their covid vaccine in early stage study.

Incyte (INCY) reports positive trial data, shares jump 3% in premarket.

Trip.com (TCOM): Morgan Stanley upgrade sees shares 3% higher in premarket.

Tencent Music (TME) reports after the close on Monday.

Ups and downs

Economic releases

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