TRENDING:

XAU/USD

EUR/USD

Wake Up Wall Street (SPY) (QQQ): Have we seen the Powell plunge?

Ivan Brian FXStreet

Here is what you need to know on Tuesday, November 23:

Equity markets took a dislike to Chairman Powell's renewed term last night despite this being widely expected. This may just have been the case of investors looking for an excuse to sell some steam after another strong recent rally. Tech stocks were not impressed by rising bond yields, but really this is a sideshow. That is not the driver here: profit-taking is. There is too much froth in tech stocks, so profit-taking was inevitable. Zoom (ZM) continued on where Peloton left off, that of a lockdown darling dumping now that economies have reopened. We warned of this in our weekly preview. At least Zoom (ZM) delivered strong earnings unlike Peloton (PTON), but revenue growth slowed, which is what investors focused on.

The dollar finally looks to have a down day as it retraces to $1.1253 versus the euro, and Oil is higher after falling yesterday in anticipation of the US tapping its strategic reserve. Oil is at $77.20 now. Gold is at $1,786, and Bitcoin is slightly higher at $56,780.

See forex today

European markets are mixed: Eurosox -0.3%, FTSE +0.2% and Dax -0.7%. Expect Europe to struggle as lockdowns are reintroduced.

US futures are flat with the Nasdaq at -0.1%, the biggest index mover.

Wall Street stock news

Zoom (ZM) beats on top and bottom lines, but revenue growth slows. Stock down 8%. Nvidia revenue growth also slowed, but that did not hurt it. Interesting!

Lucid Motors (LCID) sank 7% as EV stocks suffer, see more.

Tesla (TSLA) hires a former SEC attorney.

Abercrombie (ANF) falls 4% premarket despite beating on the top and bottom lines.

XPeng (XPEV) reports a loss but revenue is ahead of expectations. Up 3% premarket.

Best Buy (BBY) drops 10% premarket on lower forecasts for the holiday season.

Apple (AAPL) gets a fine from Italian antitrust as does Amazon (AMZN), see more.

Urban Outfitters (URBN) beats on top and bottom lines but is down 11% premarket.

GameStop (GME) popped 8% on Mondays. Is it back? see more.

Dicks Sporting Goods (DKS) smashed EPS, $3.19 versus $1.97 expected. Up 1% premarket.

Dollar Tree (DLTR) is in line on EPS, beats on revenue, but stock falls 1%.

Upgrades and downgrades

Source: Benzinga Pro

Economic releases

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

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.

EUR/USD: Cautiously optimistic near 1.1550 ahead of the ECB

EUR/USD extends its weekly recovery for the third day in a row on Wednesday, navigating in a sidelined fashion around 1.1550 on the back of humble losses in the US Dollar. In the meantime, market participants continue to closely follow developments in the Middle East while slowly gearing up for the ECB gathering on Thursday.

GBP/USD recedes from tops, hovers around 1.3400

GBP/USD could not sustain the initial bull run and is now slipping back toward the 1.3400 neighbourhood on Wednesday. Cable’s continuation of the ongoing leg higher follows mild selling pressure on the Greenback, despite steady uncertainty on the geopolitical front and elevated US inflation.

Gold bleeding continues as Middle East crisis escalates, Fed hike coming

Gold is accelerating its downward trends and approaches the area of $4,100 per troy ounce on Wednesday, where the 2026 bottom sits so far. The persistent decline in the precious metal almost exclusively follows the swelling opinion that the Fed will keep a cautious stance in H2, a view that was reinforced following earlier US CPI data.

$1,500: Why Ethereum just crashed 20% despite spot markets barely selling

Ethereum (ETH) recently suffered one of its sharpest declines of 2026, dropping more than 20% and briefly testing the $1,500 area. While the sell-off appeared to reflect broader market fears, derivatives and on-chain data suggest a more complex story may be unfolding beneath the surface.

Brutal sell-off: Silver deepens months-long slide, refocusing on $60

Silver has never been known for its calm temperament. The precious metal can spend weeks grinding higher before suddenly giving back months of gains in a matter of days. That volatile reputation has been on full display in recent weeks.

The US economy defies the rules: 100 days into the Oil shock and the recession signal is still missing

More than three months after the start of the Iran war and the resulting disruption to global energy markets, the US economy continues to display remarkable resilience. The conflict has triggered a sharp rise in Oil prices, reignited inflationary pressures and fueled widespread concerns about a potential economic slowdown.