Wake Up Wall Street (SPY) (QQQ): Double down on the dip? Yields jump, so Nasdaq slumps
Here is what you need to know on Monday, September 27:
Yields are back on the agenda now as the market looks for something new to worry about. Despite a decent surge, the yield on the US 10-year remains a modest 1.5%, but markets are nervous and VIX refuses to back down. All this leads us to believe bears are finally on the prowl for some decent losses this time. Worries over Evergrande are still evident, but the Fed did its best to calm markets last week. A repeat performance may be necessary as a host of Fed speakers hit the wire this week. The just-released Durable Goods orders were surprisingly strong, so how will that be taken? A positive? Or another chance for yields to pop and equities to drop?
The dollar is certainly gearing itself up for higher rates with a move to a fresh $1.16 handle now versus the euro, at $1.1697. Oil is higher still at $75.41, and Gold is at $1,750. Bitcoin has steadied itself at $43,500, while VIX and yields remain stubbornly high at 19 and 1.51% now, respectively.
European markets are higher: FTSE flatt, Dax +0.3% and Eurostoxx +0.1%.
US futures are mixed: S&P -0.3%, Dow +0.1% and Nasdaq -0.9%.
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Wall Street (SPY) top news
German election ends in a deadlock with coalition likely.
Fed Chair Jerome Powell to testify to Senate on Tuesday, ECB conference on Wednesday and to testify before the House on Thursday.
US Durable Goods +1.8%, forecast 0.7%.
US government shutdown due on Friday if lawmakers cannot agree to raise the debt ceiling and funding plan.
UK gas stations (petrol stations) run out of fuel due to panic buying and a shortage of truck drivers after Brexit.
Biohaven Pharma (BHVN) lower on Phase 3 trial results disappointment.
IronNet (IRNT): Needham starts coverage with a buy rating and a $29 price target.
Acceleron Pharma (XLRN) up 4% premarket as rumouors circulate. It is in talks for an $11 billion sale-Bloomberg. RBC also raises price targets.
Best Buy (BBY) named a top idea at Piper Sandler.
Oil stocks higher on oil price pop, HAL, DVN, OXY, CLR, MRO, CVX, etc.
Hyatt Hotels (H) and Summit Hotel Properties (INN) both downgraded by Bank of America.
Lordstown Motors (RIDE): Goldman Sachs downgrades to sell.
Upgrades, downgrades, premarket
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.
