Wake Up Wall Street (SPX) (QQQ): Nasdaq set to record new high
Here is what you need to know on Monday, June 14:
The Nasdaq is waking up to the realization that it has been missing out on the party and looks set to hit fresh record highs on Monday. The setup is perfect with yields continuing to slump and the VIX also taking a snooze. The S&P 500 set a new high watermark on Friday and looks to set more in the coming days as the environment remains positive for equities. Risk will be off for this week or at least on hold until Fed day on Wednesday. Rumours are beginning to circulate that taper talk will be on the Fed agenda this week, months ahead of schedule. Bitcoin is bouncy after Elon Musk says Tesla will consider allowing it once miners reach 50% clean energy usage. Crypto shares reacted accordingly with COIN, RIOT, MARA and others all up strongly in the premarket.
President Biden continues his summer tour of Europe with a stop at the NATO Summit in Brussels. President Biden attended the G7 meeting at an English seaside resort in Cornwall and is to meet President Putin in Geneva on Wednesday.
The dollar is asleep versus the euro with the pair unchanged at 1.2110. Oil is still climbing as we enter US driving season at $71.60, Gold is lower at $1,847, and Bitcoin is nearing $40,000. Yields continue south, and the VIX is at nearly 15.
European markets hit record highs earlier, as of writing the Dax is up 0.2%, FTSE is flat, and the EuroStoxx -0.1%.
US futures are also quiet. The Nasdaq is +0.2%, while Dow and S&P are flat.
Wall Street top news
President Biden to attend NATO summit in Brussels.
EU starts selling 10-year recovery bonds to fund post covid programs. A big deal for the EU and Euro as previously countries had only issued separately, and Germany and France and other larger nations were opposed to group-wide sovereign debt.
Novavax (NVAX) says its covid vaccine is 90% effective after Phase 3 trials.
Corsair Gaming (CRSR) shares are nearly 30% higher in the premarket on retail interest.
Lordstown (RIDE) loses a few passengers with the CEO and CFO stepping down. Shares drop 15% in premarket.
Sorrento Therapeutics (SRNA) up 7% premarket as it gets approval for Phase 2 trials in the UK for its nasal covid treatment.
Fuel Cell (FCEL) price target cut by Jefferies and Wells Fargo, stock down 5% premarket.
Ferrari (RACE): Goldman is not buying as it issues a double downgrade to Sell. Still, you have to think plenty of Goldman staff are long the cars!
Chipotle (CMG) upgraded by Raymond James to a strong buy.
Twist Bio (TWST) signs a collaboration deal with Regeneron, TWST up 5% premarket.
Phillips (PHG) issues recall on CPAP machine, shares down 4% premarket.
Upgrades, downgrades, premarket movers
Source: Benzinga Pro
Economic releases
The author is long AMC puts and long RIDE calls.
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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.
