Wake Up Wall Street (SPY) (QQQ): CPI hurdle, midterm elections and crypto crash

Here is what you need to know on Wednesday, November 9:

Equity markets are stalling in the latest rally as big hurdles await this latest equity rally. Elon Musk hits Tesla (TSLA) with another chunk sold, and Meta Platforms (META) dumping about 11,000 jobs. Disney (DIS) also misses as it seems Disney+ is paying for subscribers, which is ultimately hurting earnings. The question is how much is it worth and how much can it afford to pay for a share of the streaming market. Disney is down about 7% in the premarket.

Over in the crypto space, things are even worse with the fallout from the FTX debacle continuing. Bitcoin set a new yearly low but so far is hanging on for its life to the $17,000 handle. Let's see how this plays out for risk assets, but the correlation between Bitcoin and Nasdaq, for example, has weakened in recent weeks, so contagion may not spread.

Gold has stabilized after recent rallies and is at $1,707 now. Oil prices are lower. On Tuesday we got a surprising build in crude inventories from API data and more talk of covid outbreaks in China are hurting demand. Oil is down to $87.20 now. The Dollar Index is higher at 110, but all is calm before tomorrow's CPI data. 

See forex today

European markets are lower Eurostoxx and FTSE are flat but the Dax is -0.6%.

US futures are also lower Dow, Nasdaq, and S&P are all down -0.4%.

Wall Street top news

Democrats appear to do better than expected as Trump-backed candidates fare less well than predictions.

Republicans should win the House, but Senate looks like it stays with Democrats.

IEA says OPEC+ may need to rethink supply cuts.

Disney (DIS) misses as streaming costs build up.

Meta Platforms (META) cutting 11k jobs.

Tesla (TSLA): Elon Musk sells more stock.

Canopy Growth (CGC) misses on EPS, but revenue is ahead of forecasts.

AMC Entertainment (AMC) earnings show cash burn and lower attendance despite earnings beating estimates.

Roblox (RBLX) down sharply on earnings miss.

DR Horton's (DHI) profit rises, but it misses on EPS and revenue.

Lucid (LCID) says orders were lower in Q3, shares fall 7%.

Novavax (NVAX) cuts revenue forecasts again.

Occidental Petroleum (OXY): EPS is in line with revenue beating forecasts.

FedEx (FDX) says package volumes are lower than forecast.

Taiwan Semiconductor (TSM) to build a new plant in Arizona.

Upgrades and downgrades


Economic releases



Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content

Recommended content

Editors’ Picks

EUR/USD fluctuates near 1.0750 as markets turn subdued

EUR/USD fluctuates near 1.0750 as markets turn subdued

EUR/USD continues to trade in a relatively tight channel at around 1.0750 in the American session on Wednesday. The pair struggles to finding direction with US markets remaining closed in observance of the Juneteenth Holiday.


GBP/USD stabilizes above 1.2700 after UK inflation data

GBP/USD stabilizes above 1.2700 after UK inflation data

GBP/USD clings to modest daily gains above 1.2700 on Wednesday. The data from the UK showed that annual inflation, as measured by the change in the Consumer Price Index, declined to 2% in May from 2.3% in April. The BoE will announce policy decisions on Thursday.


Gold extends sideways grind at around $2,330

Gold extends sideways grind at around $2,330

Gold (XAU/USD) struggles to capitalize on the previous day's bounce from the vicinity of the $2,300 mark and oscillates in a narrow band near $2,330. US bond markets remain closed in observance of the Juneteenth Holiday, limiting the pair's volatility.

Gold News

Polygon MATIC poised for 10% rally as momentum indicators signal strength

Polygon MATIC poised for 10% rally as momentum indicators signal strength

Polygon price formed a bullish divergence on a momentum indicator, signaling a reversal. On-chain data shows MATIC’s capitulation event occurred between June 12 and 18.

Read more

Investors' focus will be on Europe

Investors' focus will be on Europe

In the euro area, the EU commission will reveal against which countries it recommends opening an excessive deficit procedure (EDF) due to breaches of the EU fiscal rules.

Read more