Wake Up Wall Street (SPY) (QQQ): Central Bank week, but first a word from our inflation sponsors!
Here is what you need to know on Tuesday, December 14:
We got the last of the inflation data sets today as producer prices show more shocking statistics. Well, not that shocking anymore! Certainly Friday's data did not hinder the S&P 500 from registering another record high, but this time an increase of 9.6% makes it the fastest rise on record for producer prices. The Fed meets tomorrow with more taper talk likely. Despite the rather shocking PPI, caution may be the watchword as the unknown effects of Omicron linger. The Fed usually takes a cautious, market-friendly approach and certainly will not want to be the Christmas grinch. Omicron has that potential. Added to Fed nerves will be the effect of a now confirmed default from China's Evergrande.
The dollar is slightly weaker this morning at 1.1316 versus the euro, Oil is falling to 70.26, and Bitcoin trades at $47,100. Gold is lower at $1,772.
European markets are lower: Eurostoxx, -0.4%, FTSE flat and Dax -0.4%.
US futures are also lower: S&P 500 -0.65%, Dow -0.3% and Nasdaq -1%.
Wall Street (SPY) (QQQ) stock news
US PPI 9.6% yearly versus 9.2% expected.
Tesla (TSLA) closes below $1,000. Elon is still selling. Tesla will accept Dogecoin for merchandise on a test basis.
AMC close to $20, down 8% premarket.
Cloudflare (NET) was downgraded by JPMorgan.
Pfizer (PFE) BioNTech (BNTX) says oral covid treatment reduces the risk of hospitalization or death by 89% within 3 days of symptom onset in phase 2/3 trial.
Neogen (NEOG) enters an agreement with 3M to separate its food safety business and combine it with Neogen.
Arcelor Mittal (MT) enters into repurchase agreements with subordinated notes holders.
Moderna (MRNA) to set up a manufacturing plant in Australia.
Weibo (WB) gets a fine from the Cyberspace Administration of China.
Oscar Health (OSCR): Goldman Sachs starts coverage with a sell rating.
Planet Labs (PL) issues Q4 guidance below estimates, down 15% premarket.
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.
