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
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