Here is what you need to know on Friday, September 24:

Equity markets remain focused on Evergrande as rumours of a possible default on overseas debt swirl. The market appears to be on the hunt for negative news, which leads us to conclude that stocks are going lower in the short term. The market generally focuses on the news flow it needs to justify its actions. When the market wanted to rally, it ignored the pandemic and then the emergence of Delta and the initial rumours of Evergrande. Now it just feels as if justification is needed for a move lower, and Evergrande fits the bill. If not, let's see how the market takes to Thursday's spike in bond yields.

Bitcoin stocks will be under pressure as China puts the boot in saying all cryptocurrency activities are illegal and overseas crypto exchanges providing services in China are illegal. That's a rather large potential market gone then for crypto firms as China remains the most populous nation on the planet. Bitcoin is already down nearly 6%, so crypto stocks will suffer too: COIN, RIOT, MARA, ANY.

The dollar remains strangely subdued despite Thursday's surge in the 10-year bond yield, at 1.1730 versus the euro, Bitcoin down to $42,000, Oil is flat at $73.30 and Gold is higher slightly at $1,750. The VIX has spiked to nearly 20 again, so keep an eye as VIX above 20 and bond yields also on the move do not make for happy equity investors.

See forex today.

European markets are lower: Dax -0.7%, FTSE -0.4% and Eurostoxx -0.8%.

US futures are also lower: Dow -0.2%, S&P -0.3% and Nasdaq -0.4%.

See our SPY technical forecast here.

Wall Street (SPY) top news

Boeing (BA) raises 20-year forecast for China plane market. We generally ignore forecasts for longer than three years, because 20 years has a lot of variables!

China steps up its crypto crackdown.

NFL is due to announce premium Sunday ticket program package and The Athletic reports Apple (AAPL) is ahead of AMZN and DIS.

Nike (NKE) down 4% premarket on earnings as revenue misses, but EPS beats.

Salesforce (CRM): Piper Sandler upgrades

Cloudflare (NET): Oppenheimer downgrades the stock, down 3% premarket.

AstraZeneca (AZN) announced that PROpel trial meets the primary endpoint, +2% premarket. Also for Merck (MRK), joint treatment of Abiraterone and Lynparza.

Affirm (AFRM): Mizuho raises price target, up 2% premarket.

InterActive Corp (IAC) is reportedly in talks to buy Meredith (MDP).

Costco (COST) reinstates some limits due to panic buying of toilet roll, water, etc., due to rising covid cases-Reuters.

McDonald's (MCD) to restart buyback program and increase dividend by 7%.

 

Upgrades, downgrades, premarket

Source: Benzinga Pro

Economic releases

 

 

 

 

 

 

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.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

When is the RBNZ and how it could affect NZD/USD?

When is the RBNZ and how it could affect NZD/USD?

NZD/USD remains pressured towards 0.6300 during the three-day downtrend, down 0.15% intraday at 0.6335 by the press time, as Kiwi buyers brace for the 0.50% rate hike amid a sluggish Asian session on Wednesday.

NZD/USD News

AUD/USD struggles above 0.7000 as traders await Aussie Wage Price Index, FOMC Minutes

AUD/USD struggles above 0.7000 as traders await Aussie Wage Price Index, FOMC Minutes

AUD/USD portrays the market’s anxiety as it seesaws around 0.7020 ahead of the key Australia wage price data and the FOMC meeting minutes on early Wednesday in Asia. The risk barometer pair dropped during the last two days amid recession.

AUD/USD News

Gold stays pressured towards $1,755 ahead of Fed Minutes

Gold stays pressured towards $1,755 ahead of Fed Minutes

Gold price prints a three-day downtrend as it grinds lower around $1,775 during the initial hours of Wednesday’s Asian session. In doing so, the precious metal fades the late Tuesday’s bounce off $1,772 as traders turn cautious ahead of today’s key FOMC meeting minutes.

Gold News

Solana: How high can the X-wave rally?

Solana: How high can the X-wave rally?

Solana price has fallen into a supportive level on the Relative Strength Index on larger time frames. Solana price could rally an additional 80% under conservative macro conditions. Invalidation of the uptrend scenario is a breach of the low at $25.78.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures