Wake Up Wall Street (SPX) (QQQ): Buying the dip from turnaround Thursday still works

Here is what you need to know on Friday, July 9:

Thursday was all set to be the reversal many had been predicting. Europe was ugly, Delta is everywhere, and bond yields were dumping as stocks initially tumbled.  But turnaround Thursday quickly set in as traders recognized a dip and went back to their playbooks for 2021, since buying the dip is the most profitable show in town. Friday appears to be proving the theory as European markets pop and US futures lead higher. 

We still worry over the narrowness of this rally with the broad Russell 2000 index falling more than the main indices on Thursday and looking more and more like it has set a bearish triple top.

The dollar is calm at 1.1867 versus the euro. Gold is at $1,802, Bitcoin is flat at $32,850, and Oil is also steady at $74. The focus on yields has led to some correction back to 1.34% for the US 10-year yield. The VIX is also a tad lower at 17.5.

See forex today

European markets are higher, Dax +1%, FTSE +0.7% and EuroStoxx +1.4%.

US futures are also higher: the Nasdaq is flat, Dow +0.85 and S&P +0.5%.

Wall Street top news

President Biden signs a new executive order aimed at increasing competition in big tech and other sectors.

LEVI reported earnings after the close on Thursday beating analyst expectations.

Stamps.com (STAMP) up 60% in premarket after it is said to be acquired by Thoma Bravo.

General Motors (GM): Wedbush starts coverage with an outperform rating.

Coupang (CPNG): CLSA starts coverage with an outperform rating.

Match Group (MTCH): RBC starts coverage with an outperform rating.

Beachbody (BODY): Baird decides to get in shape for summer as it starts the stock with an outperform rating.

SPCE: Number one on WallStreetBets on Friday.

NIO: HSBC upgrades, stock up 3% premarket.

Pfizer (PFE) BioNTech (BNTX): companies to trial booster shot to target delta variant.

Ford (F): China sales up over 20% YoY, stock up 3% premarket.

Upgrades, downgrades, premarket movers

Source: Benzinga Pro

Economic releases



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