Wake Up Wall Street (SPY) (QQQ): Bitcoin booms as equities wait on inflation data
Here is what you need to know on Tuesday, November 9:
Today is Bitcoin day as the cryptocurrency leader stalks yet more record highs to follow up from the lead taken by equities last week. We did note that risk was back on, so really crypto had only one way to go as one of the more riskier asset classes currently. Equity markets are on hold with imminent inflation data due. Today it is the turn of producer prices, and tomorrow we get consumer price data. Both are likely to show inflation is more than transitory, but now that Fed speakers are out of blackout they are free to take to the airwaves to assure us that "all is well, and, yes, while the price of your gas, food, travel, clothes, cars, etc. are all rising fast, it will be fine next year! I hope they are right.
The dollar is flat at 1.1580 versus the euro. Oil is also calm at $82.33, but Bitcoin as mentioned is at $67,800. Gold too is steady at $1,825.
See forex today
European markets are higher: EuroStoxx +0.3%, FTSE flat and Dax +0.2%.
US futures are mixed: S&P flat, Dow -0.2% and Nasdaq +0.1%.
Wall Street (SPY) (QQQ) stock news
AMC results beat, but the shares drop, see here.
General Electric (GE) is to split into three companies focusing on aviation, healthcare and energy.
Palantir (PLTR) reports EPS in line, beats on revenue, shares drop 2%.
Marathon Digital (MARA) up 17% on Monday as Bitcoin soars.
Robinhood (HOOD) shares fall 3% on data security breach-CNBC.
Paypal (PYPL) down 6% on revenue miss, see here.
Smile Direct (SDC) drops over 20% on earnings.
Rivian (RIVN) due to price today and start trading tomorrow, see here.
Chinese developer Kaisa needs help to pay workers, investors, suppliers, according to Reuters.
DR Horton (DHI) beats on EPS and revenue as house prices soar.
Roblox (RBLX) beats on EPS, stock up 25% premarket.
Ocugen (OCGN) misses earnings on EPS, down 5% premarket.
Upgrades and downgrades
Source: Benzinga Pro
Economic releases
Premium
You have reached your limit of 3 free articles for this month.
Start your subscription and get access to all our original articles.
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.
