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.
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
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Author
Ivan Brian
FXStreet
Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.
