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.
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%.
See Nasdaq and S&P technical analysis
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
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One Stop Systems |
OSS |
Noble Capital Markets |
Upgrades |
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Ncino |
NCNO |
Gabelli & Co. |
Upgrades |
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Haemonetics |
HAE |
CJS Securities |
Upgrades |
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Bilibili |
BILI |
86 Research |
Upgrades |
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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 |
Upgrades |
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Spirit Airlines |
SAVE |
Wolfe Research |
Upgrades |
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DoorDash |
DASH |
Wells Fargo |
Upgrades |
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Adtran |
ADTN |
Argus Research |
Upgrades |
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Central Garden & Pet |
CENT |
Argus Research |
Upgrades |
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GrowGeneration |
GRWG |
Alliance Global Partners |
Upgrades |
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Unity Software |
U |
Oppenheimer |
Upgrades |
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Aurora Cannabis |
ACB |
BMO Capital |
Upgrades |
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BancorpSouth Bank |
BXS |
Raymond James |
Upgrades |
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DoorDash |
DASH |
Truist Securities |
Upgrades |
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Airbnb |
ABNB |
Wells Fargo |
Upgrades |
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GrowGeneration |
GRWG |
Ladenburg Thalmann |
Upgrades |
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Host Hotels & Resorts |
HST |
Evercore ISI Group |
Upgrades |
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Granite Point Mortgage |
GPMT |
Credit Suisse |
Upgrades |
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Amerant Bancorp |
AMTB |
Raymond James |
Upgrades |
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Snowflake |
SNOW |
Goldman Sachs |
Upgrades |
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AMC Networks |
AMCX |
Goldman Sachs |
Upgrades |
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CubeSmart |
CUBE |
BMO Capital |
Upgrades |
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Churchill Downs |
CHDN |
Jefferies |
Upgrades |
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Cadence Bancorp |
CADE |
Raymond James |
Upgrades |
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Vertex Energy |
VTNR |
Stifel |
Upgrades |
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GrowGeneration |
GRWG |
Roth Capital |
Upgrades |
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Aurora Cannabis |
ACB |
Canaccord Genuity |
Downgrades |
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BioLife Solutions |
BLFS |
Benchmark |
Downgrades |
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Extra Space Storage |
EXR |
BMO Capital |
Downgrades |
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Ternium |
TX |
Scotiabank |
Downgrades |
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Lumentum Holdings |
LITE |
JP Morgan |
Downgrades |
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Loop Energy |
LPEN |
CIBC |
Downgrades |
Source: Benzinga
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.
