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%.

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.

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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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