Wake Up Wall Street (SPY) (QQQ): Banks set to boom while markets swoon
Here is what you need to know on Monday, January 10:
The squeeze continues as 2022 begins its infancy with continued growing pains. Goldman Sachs is out calling for a potential four rate hikes this year, up from the market's expectation for three hikes. Treasury yields are liking the narrative. So are financial stocks with the slate heavy with earnings from the sector this week and next. Higher rates mean higher margins so expect more gains for the sector especially if this week's inflation data continues the hot trend.
The dollar is stronger this morning at 1.1320 while Bitcoin slides back to $40,000. Oil is lower at $78.37 and gold is $1791.
European markets are lower: Eurostoxx -0.8%, FTSE -0.3% and Dax -0.4%.
US futures are also lower: S&P -0.65, Dow -0.2% and Nasdaq -1.1%.
Wall Street (SPY) (QQQ) stocks news
Goldman Sachs predicts four Fed rate hikes in 2022.
Fed's Barkin says a rate hike in March is conceivable.
Zynga (ZYNG) to be bought by Take-Two Interactive (TTWO).
Lululemon (LULU) down 6% on saying fourth-quarter revenue to come in at the low end of the range-CNBC.
Tilray (TLRY) reports a profit, up 4% premarket.
Viacom CBS(VIAC) Deutsche Bank upgrades.
Solar Edge (SEDG) was added to the Goldman Sachs Conviction buy list.
General Motors (GM) recognizes California's authority to set emission standards under the clean air act and so set it up to be eligible for government fleet purchases by California-Reuters.
Royal Caribbean (RCL) puts on hold some cruises due to omicron.
Tesla (TSLA) CEO Elon Musk says to raise the price of advanced driver assist to $12,000 on January 17.
Roblox (RBLX) on BTIG top picks list.
Upgrades and downgrades
Source: Benzinga Pro
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.
