Wake Up Wall Street (SPY) (QQQ): Inflation data on Wednesday to keep pressure on stocks
Here is what you need to know on Monday, May 9:
Equity markets finished little changed on the week last week despite some wild swings. Friday saw a pretty in-line employment report met with a relief rally, then some renewed selling before some position closing after a hectic week saw the main indices mark up modest losses. Energy was again the standout performer, with tech remaining back of the class. After it all the S&P 500 was barely changed for the week even though it felt significantly worse. This week will start off possibly on a calmer note until Wednesday's US CPI number. Bond yields will then dictate what the equity market does thereafter.
The US dollar meanwhile is little changed at 103.51 for the dollar index. The USD had gone on a charge to twenty-year highs in Europe but has retreated. Oil is lower after a strong rally last week on more Russian oil bans, and is at $107 now. Bitcoin is lower again at $33,000 and Gold is at $1,865.
European markets are lower: Eurostoxx -1.4%, FTSE -1.6% and Dax -1.9%.
US futures are also lower: S&P -1.7%, Dow -1.3% and Nasdaq -2.2%.
Wall Street (QQQ)(SPY) top news
Fed's Bostic says doesn't see a need for larger than 50 bps rate hike.
Chinese Premier says employment situation has worsened.
Rivian (RIVN)- Ford (F) plans to sell 8 million shares. CNBC.
Palantir (PLTR) misses on EPS but beats on revenue. PLTR stock down 15%.
UBER plans to slash marketing spending. CNBC.
Tyson Foods (TSN) up on strong earnings.
BioNTech (BNTX) earnings well ahead of forecasts.
Twitter (TWTR) Elon Musk plans to quintuple revenue by 2028-NY Times.
Shell (SHEL) Third Point has added to stake, according to Reuters.
Southwest Gas (SWX) reaches an agreement with Carl Icahn. CNBC.
COIN down on Bitcoin fall.
Intel (INTC) is reportedly about to delay a key product, Arc graphics.
Upgrades and downgrades
Source: Benzinga Pro
Economic releases
The author is short Tesla and Twitter.
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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.
