Wake Up Wall Street (SPX) (QQQ): Powell says no back to the future 1970s inflation, equities rally


Here is what you need to know on Tuesday, June 23:

The Nasdaq led the way on Tuesday, registering a record high close as the big tech names geared up. As we at FXStreet have been mentioning, Apple (AAPL) has been awakening from its post-earnings slumber and broke out of the triangle formation yesterday, so could be set for further gains, see more. Records are made to be broken, but one record not being broken, according to Fed Chairman Powell, is the 1970s inflation record, as he once again gets all lovey-dovey on the wires. This has certainly helped calm any lingering market fears and set the scene for the rally to continue. Bond traders have decided to sign off for the summer early as the 10-year yield remains mired at 1.50% as a result.

The dollar finally gave up some ground after last week's taper tantrum. Powell helped it trade down to 1.1940 versus the euro. Oil moves ahead despite talk of an August OPEC+ supply boost to $73.40. Gold is at $1,782, and Bitcoin bounces to $34,000 as volatility returns to the crypto leader.

See Forex today

European markets are mixed with the FTSE +0.5%, but the EuroStoxx and Dax are both down 0.5%.

US futures are all flat.

Wall Street top news

Eurozone Markit PMI jumps to 59.2 from 57.1 in May, the highest in 15 years.

German Finance minister Scholz says German growth will be stronger than predicted.

Fed Chairman Powell said on Tuesday that 1970s inflation was very unlikely.

Microsoft (MSFT) shares join AAPL in the $2 trillion dollar market cap club.

BP: Goldman lists as a top reopening stock. Also names Easyjet (EZJ), ENI, and Adidas (ADDDF, ADDYY) among others.

GlaxoSmithKline (GSK) plans to spin out the consumer healthcare business.

Patterson Companies (PDCO): down 9% in premarket on Q4 EPS and guidance below estimates.

Chindata (CD) announces agreement with Tencent, shares up 7% premarket.

XPeng (XPEV) up 5% premarket as the company is reported to list in Hong Kong.

Shake Shack (SHAK) up 3% in premarket on talk of China expansion.

Crypto stocks MSTR, RIOT, MARA rally as Bitcoin recovers.

Carrier Global (CARR) rated Buy by Deutsche Bank in new coverage.

Upgrades, downgrades and premarket movers

Source: Benzinga Pro

Economic releases

 

 

 

 


Like this article? Help us with some feedback by answering this survey:

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD hovers around 1.1900, retains weekly gains

The EUR/USD pair trades around the 1.19 mark after the Eurozone Q2 Prelim GDP beat estimates with 2% while US PCE inflation rose by less than anticipated in June, printing at 3.5% YoY. Risk-on mood persists.

EUR/USD News

GBP/USD retreats after flirting with 1.4000

GBP/USD retreated from near the 1.4000 level, but the greenback remains away from investors' radar. Optimism over the Brexit issue and the declining trend in new COVID-19 cases in the UK offers support to the pound.

GBP/USD News

XAU/USD slides to $1,820 area, downside seems limited

Gold traded with a mild negative bias around the $1,825 region, or daily lows, during the early North American session, albeit lacked any follow-through selling.

Gold News

Shiba gets listed on eToro as demand for SHIB skyrockets

Leading investment platform eToro has been adding cryptocurrency assets on popular demand from users. The Dogecoin killer recently amassed 600,000 holders despite range-bound price action. 

Read more

NIO shares rise again as Wall Street shrugs off recent China woes

NYSE:NIO added 1.86% as EV and China stocks bounced back again. Nio rides higher as industry leader Tesla gets some major upgrades. Nio rival XPeng releases a refreshed look for its compact SUV.

Read more

Forex MAJORS

Cryptocurrencies

Signatures