Wake Up Wall Street (SPY) (QQQ): EVs are charged up as stocks march on

Ivan Brian FXStreet

Here is what you need to know on Thursday, November 18:

The electric vehicle sector is now beginning to resemble the DotCom sector back in 1999. Froth and foam are everywhere as valuations surge. The big daddy of them all, Tesla recaptured its $1 trillion market cap on Wednesday, while Rivian (RIVN) finally had a down day but is still up more than double from its IPO last week. Rivian remains the third-largest automaker in the world by market cap. An automaker or "planned automaker" is more descriptive as it is only at the start of its delivery plans.

A smaller IPO hit the tape yesterday, this time from German EV company Sono Group (SEV). The company adds solar panels to increase the range of its electric vehicles. It also more than doubled on IPO day yesterday.

Over in the retail space, the numbers continue to add up with strong earnings from Kohl's (KSS) and Macy's (M). Semiconductors also remain hot with Nvidia (NVDA) smashing earnings and raising forecasts.

The dollar remains steady after recent gains at $1.1340, gold is at $1,862, Bitcoin teeters at $58,900, and Oil is at $78.30 while yields are steady.

See forex today

Wall Street Index news (QQQ) (SPY)

Macy's (M) up 8% premarket as earnings beat on the top and bottom lines and guidance is raised.

Tesla (TSLA) is back in the trillion-dollar club as shares pop, see more.

BJ Wholesale (BJ) beats estimates and announced a stock buyback.

Rivian (RIVN) finally has a down day as it drops 15% on Wednesday, see here.

Kohl's (KSS) up 6% on strong EPS and revenue.

Lucid (LCID) down 6% premarket as Rivian drops finally.

Petco (WOOF): Our favourite ticker beats on top and bottom lines.

Alilbaba (BABA) shares down 4% on earnings, revenue miss, see more.

JD.com (JD) beats on EPS and revenue.

Nvidia (NVDA) up 6% on earnings beat and guidance raise. see more.

Victoria's Secret (VSCO) is out as the company beats earnings, up 10% premarket.

Upgrades and downgrades

Source: Benzinga Pro

Economic releases

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.

GBP/USD trims gains, back to around 1.3500

GBP/USD now surrenders part of the earlier move to multi-week peaks around 1.3530 and comes close to the 1.3500 support on Monday. Cable’s uptick comes in tandem with decent gains in the Greenback, always amid persistent uncertainty lingering over the reopening of the Strait of Hormuz and US-Iran talks.

EUR/USD deflates to 1.1540

EUR/USD begins the week on the back foot, retesting the 1.1540 zone as the NA session draws to a close. The better tone in the US Dollar weighs on the risk complex, sparking the daily correction in spot, always on the back of unabated effervescence in the Middle East.

Gold surges past $4,400, hitting fresh two-month highs

Gold climbs further beyond $4,400, touching its highest level since June 5 in the Asian session on Tuesday. Easing Fed rate hike expectations continue to drive flows towards the non-yielding bullion. Meanwhile, inflation risks stemming from volatile oil prices back the case for at least one rate hike in 2026, which supports the US Dollar and might cap the precious metal ahead of the crucial US CPI report on Wednesday.

Ethereum: SharpLink reports loss as BitMine continues share buybacks and ETH acquisitions

SharpLink reported $394.3 million in Q2 net losses following heavy declines in the crypto market, over a 3.5x decline from the $103.4 million losses in Q2 2025, according to a filing on Monday. The losses comprise $321 million in unrealized crypto losses on its ETH holdings and $76.1 million in impairments on its liquid staking tokens LsETH and weETH.

RBA set to hold interest rate at 4.35% as softer inflation cools hike bets

The Reserve Bank of Australia is on track to keep the Official Cash Rate (OCR) steady at 4.35% for the second consecutive meeting on Tuesday. The decision will be announced at 04:30 GMT, accompanied by the Monetary Policy Statement and updated economic forecasts. RBA Governor Michele Bullock’s press conference will follow at 05:30 GMT.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.