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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

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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.

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