Wake Up Wall Street (SPX) (QQQ): Growth and tech have outperformed for three straight sessions
Here is what you need to know on Thursday, January 13:
The inflation data yesterday failed to spook equity markets despite it hitting a multi-decade high, since 1982 in fact. Today's PPI confirms the upward trend in inflation, but this is now well-known and only something truly shocking will dent risk appetites. Expect risk assets to continue to reign for the remainder of the week and perhaps longer. Value may have had its short-lived moment in the sun, with growth and tech now outperforming for three straight sessions.
The dollar also lost ground yesterday. As per usual the FX markets had priced in rate hikes ahead of the equity crowd. Better to travel than arrive in the case of the dollar. Risk assets are back on, and that is hindering dollar performance as it dips to 1.1470 now versus the euro. Bitcoin is steady at $43,800, and Oil is lower this morning at $82.23 after spiking yesterday. Gold is also higher at $1,822. Yields have dipped slightly this morning.
European markets are higher: Eurostoxx +0.25, FTSE +0.2% and Dax +0.3%.
US futures are higher: S&P +0.2%, while Nasdaq and Dow are both +0.3%.
Wall Street (SPY) (QQQ) stock news
US PPI 9.7% yearly, 0.2% monthly.
Wells Fargo (WFC) forecasts four rate hikes now as consensus moves that way for 2022.
Virgin Galactic (SPCE) to raise $500 million in new debt.
Moderna (MRNA) says to report data by March on trials of covid vaccine for kids aged 2 to 5.
Delta (DAL) up on strong revenue as earnings beat estimates.
Boeing (BA) 737 Max could resume in China shortly, according to Bloomberg.
Taiwan Semiconductor (TSM) reports record profits and issues strong outlook.
Elastic (ESTC) could be snapping as stock down 7% on Q3 guidance and new CEO.
Enphase Energy (ENPH) upgraded by Guggenheim.
Match Group (MTCH): Piper Sandler begins coverage with overweight rating.
Applied Materials (AMAT) up 3% on Barclays upgrade from yesterday.
Solar Edge (SEDG): Guggenheim upgrades.
SNAP Inc (SNAP) down on Cowen&Co downgrade.
Hertz (HTZ): Oppenheimer gives an outperform rating.
Tesla (TSLA) removes 2022 production date for its cybertruck from its website, according to TheVerge.com.
Upgrades and downgrades
Source: Benzinga Pro
Economic releases
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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.
