Wake Up Wall Street (SPX) (QQQ): The bounce is on for that Friday feeling but retail sales weigh


Here is what you need to know on Friday, May 14:

Welcome to the retitled daily outlook here at FXStreet. Straight off the bat, retail sales leave us wondering what is happening to the US economic outlook. Last Friday we get the shocking employment report, then the CPI goes haywire, and now retail sales dump. Not as rosy as economists first thought. Once again also proving the value of Wall Street estimates. 

Equity markets will surely like this one. The Fed is looking at employment and the economy and both these numbers confirm that there is a way to go yet. Ignore the CPI and keep the stimulus going will be the Fed line.

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The Euro spots it and marches higher to 1.2130 against the dollar and the ten-year yield retraces to 1.64%. Gold remains strong at $1834 gaining 0.5% and Bitcoin holds the $50,000 level.

European markets are all higher with the EuroStoxx and Dax both up 0.6% and the FTSE not far behind at +0.5%.

US futures are pointing higher, the Nasdaq is up 0.8%, S&P 500 +0.4%, and Dow ahead by 0.1%.

ndx

Nasdaq has strong support from the previous consolidation zone and trendline at 12,930. A break targets the 12,208 low from early March and the 200-day at 12,463. 13,297 holds the bearish trend, break and it is back to test short-term moving averages at 13,400-13,500 range and then highs at 14,073.

See FAANGTastic technical analysis of FB AAPL AMZN NFLX GOOGL TSLA

Wall Street top news

US retail sales monthly 0.0%, forecast 1%.

Japan extends its covid state of emergency from May 16 to May 31.

Israel Palestinian tensions and conflict continues to escalate.

US CDC says fully vaccinated people do not need to wear masks.

Disney disappoints as subscriber growth slows. Earnings were released after the close on Thursday. Negative read-across for NFLX.

DoorDASH revenue beat estimates. Stock is up strongly in premarket trading.

AirBnB (ABNB) reported better than expected revenue and booking figures. 

COIN reported record numbers, revenue jumped and so did the shares after hours. 

Kansas City Southern (KSU) takes Canadian Nationals (CNI) offer instead of Canadian Pacific's (CP).

Aurora Cannabis (ACB) missed earnings estimates and shares dropped in the premarket by 7%.

PLUG completes financial restatements, shares up 12% premarket.

Farfetch (FTCH) shares up 6% in the premarket on the back of strong results.

Quantum Scape (QS) signs agreement with Volkwagen on location for JV.

SNOW: Goldman upgrades, stock up 5%.

Ups and Downs

Aurora Cannabis

ACB

BMO Capital

Upgrades

Market Perform

BancorpSouth Bank

BXS

Raymond James

Upgrades

Outperform

DoorDash

DASH

Truist Securities

Upgrades

Buy

Airbnb

ABNB

Wells Fargo

Upgrades

Overweight

GrowGeneration

GRWG

Ladenburg Thalmann

Upgrades

Buy

Host Hotels & Resorts

HST

Evercore ISI Group

Upgrades

Outperform

Granite Point Mortgage

GPMT

Credit Suisse

Upgrades

Outperform

Amerant Bancorp

AMTB

Raymond James

Upgrades

Outperform

Snowflake

SNOW

Goldman Sachs

Upgrades

Buy

AMC Networks

AMCX

Goldman Sachs

Upgrades

Neutral

CubeSmart

CUBE

BMO Capital

Upgrades

Outperform

Churchill Downs

CHDN

Jefferies

Upgrades

Buy

Cadence Bancorp

CADE

Raymond James

Upgrades

Outperform

Vertex Energy

VTNR

Stifel

Upgrades

Buy

GrowGeneration

GRWG

Roth Capital

Upgrades

Buy

BioLife Solutions

BLFS

Benchmark

Downgrades

Hold

Extra Space Storage

EXR

BMO Capital

Downgrades

Market Perform

Ternium

TX

Scotiabank

Downgrades

Sector Perform

Lumentum Holdings

LITE

JP Morgan

Downgrades

Neutral

Loop Energy

LPEN

CIBC

Downgrades

Neutral

Coinbase Global

COIN

Piper Sandler

Initiates Coverage On

Overweight

KnowBe4

KNBE

Berenberg

Initiates Coverage On

Buy

Verrica Pharmaceuticals

VRCA

RBC Capital

Initiates Coverage On

Outperform

MannKind

MNKD

RBC Capital

Initiates Coverage On

Sector Perform

Live Nation Entertainment

LYV

Wolfe Research

Initiates Coverage On

Outperform

Allogene Therapeutics

ALLO

B. Riley Securities

Initiates Coverage On

Buy

Forte Biosciences

FBRX

B. Riley Securities

Initiates Coverage On

Buy

MongoDB

MDB

Goldman Sachs

Initiates Coverage On

Buy

Dropbox

DBX

Goldman Sachs

Initiates Coverage On

Sell

SolarWinds

SWI

Goldman Sachs

Initiates Coverage On

Sell

Anaplan

PLAN

Goldman Sachs

Initiates Coverage On

Neutral

Source: Benzinga

Economic releases

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