Wake Up Wall Street (SPY): Grind higher continues until Jackson Hole jamboree

Here is what you need to know on Wednesday, August 25:

Equity markets put in another all-time record high close on Tuesday, the 51st record close this year. Not many years have surpassed this, especially by August, plenty of time to break the record from the late 1990s. That preceded the tech bubble, and the Chinese tech bubble reinflated yesterday. Or was it just a dead cat bounce? Either way, it was an impressive move yesterday for the sector. Movements are likely to grow increasingly sparse as Friday and the Jackson Hole symposium approaches with risk-off likely ahead of a potential transition to taper. 

The dollar certainly has gone into book squaring mode with it barely unchanged at 1.1740 versus the euro. Bitcoin as we mentioned elsewhere has given up $50,000 as the meme stocks roar back. This negative correlation needs close attention now from Bitcoin longs. Gold is at $1,794, and Oil is $67.70.

See forex today.

European markets are mixed: FTSE +0.35, Dax -0.2% and Eurostoxx +0.1%.

US futures are flat.

SPY stock news and forecast

German IFO Economist says 70% of industrial companies are complaining of supply chain problems.

German Economy minister says Germany back to pre-pandemic levels at the start of 2022.

Bank of Japan warns of chip issues having global ramifications.

Dick's Sporting Goods (DKS) reported EPS and revenue ahead of estimates, shares up 10% premarket.

BEKE, DIDI, TME, BILI, BABA and other Chinese names down in premarket after yesterday's surge.

Okta Inc (OKTA) upgraded by Raymond James, up 3% premarket.

Nordstrom (JWN) down 12% premarket after Q2 results. JPMorgan also downgrades.

Kingsoft Cloud (KC) down 7% after Q2 earnings.

Urban Outfitters (URBN) down 5% after Q2 results were ahead but traffic numbers disappoint.

Boston Beer (SAM) down 3% after a downgrade from Cowen & Co.

Express (EXPR) EPS comes in at $0.02 versus -$0.30 estimate, stock up 5% premarket.

Toll Brothers (TOL) revenue in line, but EPS ahead of estimates. Up 2% premarket.

Upgrades, downgrades and premarket movers

Source: Benzinga Pro

Economic releases due


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: Bulls step in at month-end, eyeing the upside

EUR/USD is set to close off a bearish week towards a test of 1.11 the figure after breaking out of the bearish weekly wedge to the downside. Bulls have an eye on the weekly M-formation and prospects of a significant correction. 


GBP/USD slumps toward 1.3350, renews five-week lows

GBP/USD stays under constant bearish pressure on Thursday and trades at its lowest level since late December below 1.3370. Following the upbeat growth data from the US, the US Dollar Index is rising more than 0.7% on the day above 97.00. 


Gold licks wounds at three-week low near $1,800 amid firmer USD

Gold bears take a breather around $1,797 as Friday’s Asian session begins, following a $50 slump in the last two consecutive days to a three-week low. The yellow metal awaits fresh clues after piercing the $1,800 threshold the previous day.

Gold News

Bitcoin struggles against resistance as bulls keep their eye on $40,000

Bitcoin price action faced intense selling pressure after the Fed’s decision, with Bitcoin losing more than 5% from its Wednesday high. If the sell-off from the top wasn’t discouraging enough for bulls, then the daily close in the red certainly added insult to injury.

Read more

Apple (AAPL) Earnings for Q1 beats estimates on EPS and revenue

Apple (AAPL) reported earnings after the close on Thursday. Earnings per share (EPS) came in at $2.10 versus the estimate of $1.89. Revenue was $123.9 billion versus the estimate for $118.66 billion. AAPL is trading at $162.40 in Thursday's aftermarket, a change of 2% versus the regular session close of $159.16.

Read more