Wake Up Wall Street (SPX) (QQQ) (NDX): Someone needs to wake up as equity markets slumber


Here is what you need to know on Tuesday, May 18:

Equity markets slumber as earnings season peters out and economic data is thin on the ground. Meme stocks take advantage and rally back into consciousness. AMC in particular surges for the seventh consecutive day and smashes some big resistance levels on the way. The Relative Strength Index (RSI) and Commodity Channel Index (CCI) indicators now show oversold levels though due to the speed of the move.

Bitcoin continues to spook retail investors as regulators struggle to come to grips with a new asset class. Bitcoin struggles to hold $45,000, and the asset may see some exit for meme stocks. 

Retail stores are also in the news with strong earnings from Home Depot (HD), Macy's (M) and Walmart (WMT). All three beat estimates (who fails these days?) and rallied in the premarket. Adding further fuel to the strong expected economic rebound.

The dollar remains in depreciation mode and drops below 1.22 versus the euro for the first time since February. A drop in yields hits the dollar with the 10-year at 1.63% now. Oil remains strong with Brent breaking $70 as Europe's vaccination drive increases pace. 

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European markets remain flat with Dax, FTSE and EuroStoxx all barely in the green.

US futures are all boosted by the trio of earnings from Macy's Walmart and Home Depot. The Dow is +0.2%, S&P +0.2% and the Nasdaq is +0.5%.

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Wall Street top news

Indian covid variant to be dominant in the UK in a matter of days, according to scientists.

Walmart (WMT) reports strong earnings, shares up in premarket by 4%.

Macy's (M) also reports earnings ahead of estimates, shares up 4% premarket.

Home Depot (HD) shares up 2% premarket as earnings beat expectations.

AMZN is in talks to acquire MGM film studio for $9 billion.

AT&T (T) shares drop 6% premarket after rallying on Monday following the Warner Media/DISCA deal.

TSLA: Michael Bury takes another big short, disclosing a large put option position.

Fisker (FSR) lost less than analysts had forecast, shares down in premarket.

Toyota (TM) hits record high in Japanese trading, CNBC reports it broke previous high from 2015.

Baidu (BIDU) shares are up 4% premarket as Q1 numbers beat estimates.

Sea (SE) reports worse than expected Q1 numbers, shares down 4% premarket.

Twilio (TWLO) up 1% in premarket after announcement to buy Zipwhip for about $850 million.

Earnings after the close: Trip.com (TCOM) and Take-Two (TTWO).

Ups and downs

One Stop Systems

OSS

Noble Capital Markets

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Ncino

NCNO

Gabelli & Co.

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Haemonetics

HAE

CJS Securities

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Bilibili

BILI

86 Research

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Globant

GLOB

Citigroup

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Lufax Holding

LU

JP Morgan

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Mogo

MOGO

Canaccord Genuity

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Tuya

TUYA

B of A Securities

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Spirit Airlines

SAVE

Wolfe Research

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DoorDash

DASH

Wells Fargo

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Adtran

ADTN

Argus Research

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Central Garden & Pet

CENT

Argus Research

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GrowGeneration

GRWG

Alliance Global Partners

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Unity Software

U

Oppenheimer

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Aurora Cannabis

ACB

BMO Capital

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BancorpSouth Bank

BXS

Raymond James

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DoorDash

DASH

Truist Securities

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Airbnb

ABNB

Wells Fargo

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GrowGeneration

GRWG

Ladenburg Thalmann

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Host Hotels & Resorts

HST

Evercore ISI Group

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Granite Point Mortgage

GPMT

Credit Suisse

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Amerant Bancorp

AMTB

Raymond James

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Snowflake

SNOW

Goldman Sachs

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AMC Networks

AMCX

Goldman Sachs

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CubeSmart

CUBE

BMO Capital

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Churchill Downs

CHDN

Jefferies

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Cadence Bancorp

CADE

Raymond James

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Vertex Energy

VTNR

Stifel

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GrowGeneration

GRWG

Roth Capital

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Aurora Cannabis

ACB

Canaccord Genuity

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BioLife Solutions

BLFS

Benchmark

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Extra Space Storage

EXR

BMO Capital

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Ternium

TX

Scotiabank

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Lumentum Holdings

LITE

JP Morgan

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Loop Energy

LPEN

CIBC

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Source: Benzinga

Economic releases

 

 

 

 

 

 

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