Wake Up Wall Street (SPY) (QQQ): Amazon splits the jungle, stocks set for lower open
Here is what you need to know on Thursday, March 10:
Equity markets staged a strong rally on Wednesday, especially in Europe where the German Dax Index closed up a whopping 7%. Gains were more subdued stateside but still impressive. More conciliatory talk from Ukraine and Russian officials helped oil prices lower before a kick lower from talk of OPEC supply increasing. So far it does not look like this is holding for Thursday. Russia and Ukraine may indeed reach some form of accord, and today marks the start of cabinet-level talks between the two sides. However, we note comments from Ukraine saying they will retake Donbas and Crimea as definitely not a step toward Russia's view. Also, the talk has reportedly already broken up, lasting just 90 minutes. Furthermore, hopes for Iranian oil returning to the market look to be dashed with some strong commentary from Iran this morning, pushing any nuclear talks deal further out of reach.
The ECB has just turned hawkish by announcing a sooner than expected end to its "buy every bond we can find" plan, and the US CPI is in line at 7.9% yearly.
Oil then is back up 3% this morning. The dollar is slightly lower as the ECB press conference proceeds (no change to rates). Gold is higher at $2,006, and Bitcoin is at $39,100.
European markets are lower: Eurostoxx -2.6%, FTSE -1.3% and Dax -3%.
US futures are also lower: S&P -0.8%, Dow -0.8% and Nasdaq -0.9%.
Wall Street News (SPY) (QQQ)
ECB leaves rates unchanged but turns more hawkish on end to PEPP.
US CPI is in line at 7.9% yearly.
Russian Foreign Minister says he does not want militarization of Ukraine, wants it to be neutral.
Russia and Ukraine Foreign Ministers meeting lasted just 90 minutes, no outcome.
Apple (AAPL) launched a new slate of products on Wednesday.
Amazon (AMZN): 20:1 stock split. $10b buyback.
XPeng (XPEV) to launch a new car in Europe.
CrowdStrike (CRWD) up 10% on earnings.
FuelCell Energy (FCEL) misses on EPS but beats on revenue, stock falls sharply.
Asana (ASAN) down 24% on earnings.
Sketchers (SKX) enters the metaverse.
JD.com (JD) is down 6% on slowing growth.
Natera (NTRA) up 14% after its response to the short-seller report.
Coupang (CPNG) down 10%.
Five Below (FIVE) added to Evercore Tactical outperform list.
Indonesian Energy (INDO) up 30% on drilling rig mobilization. About a $70 million market cap gain for a well producing $2.5 million yearly before drilling costs and INDO yesterday announced a 9.1m share offering, go figure!
Upgrades and Downgrades
Source: Benzinga Pro
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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.
