Wake Up Wall Street (SPY) (QQQ): Apple comes home, Target misses and Lowe's beats
Here is what you need to know on Wednesday, November 16:
Equity markets continued higher on Tuesday but took a wobble along the way from the news of a missile hitting Poland. I think it is fair to say all of us took a wobble when we read that news, but it seems to have been quickly swept aside. Markets have continued higher this morning. However, the rally is slowing as this morning bond yields are already picking up slightly.
Equities will also take a hit from the mess that is Target (TGT) missing. The stock is down 14% at the time of writing and is completely overshadowing good news from Walmart (WMT) yesterday and Lowe's (LOW) this morning.
ECB and Fed members traded hawk and dove positions as Fed member George spoke of a slowing of rate hikes, according to The Wall Street Journal. Meanwhile, the ECB's Mueller said he favours a substantial December rate hike. Bit of a grinch then!
The currencies remain focused on the US Dollar's demise with the brief bounce from Poland extinguished this morning. The Dollar Index is back to 106 now. Oil remains mired by conflicting thoughts. The China slowdown seems to be winning at the moment as it slips to $86.80. Gold is flat at $1,781, and Bitcoin is lower to $16,600.
European markets are mixed with FTSE and Eurostoxx both up 0.4%, while the Dax is -1%.
US futures are flat for all: Nasdaq, S&P, and Dow, come back later!
Wall Street top news
Target (TGT) warns of dour holiday sales, shares plunge.
Lowe's (LOW) lifts profit forecast on higher prices, steady demand.
Estee Lauder (EL): The company said it agreed to buy US fashion label Tom Ford.
Apple (AAPL) is preparing to begin sourcing chips for its devices from a plant under construction in Arizona in the United States.
Intel Corp (INTC): A federal jury in Texas on Tuesday said Intel must pay VLSI Technology LLC $948.8 million for infringing on a VLSI patent for computer chips. An Intel spokesperson said the company "strongly disagrees" with the verdict and plans to appeal.
Grab (GRAB) beats on top and bottom lines
Nvidia (NVDA) earnings out after the close.
Tencent (TCEHY) misses on earnings.
Carnival Cruises (CCL) down on convertible debt offering.
Advance Auto Parts (AAP) down on earnings.
Upgrades and downgrades
Source WSJ.com
Economic releases
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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.
