Wake Up Wall Street (SPY) (QQQ): Markets cornered by rising yields and surging energy costs

Here is what you need to know on Tuesday, October 12:

The bond market is back on Tuesday after an extended break while equity players went it alone on Monday. We wait with bated breath then to see if the recent yield rise continues. Equity markets are looking to open relatively unchanged, but headwinds still abound. More Chinese crackdown news with the Wall Street Journal reporting scrutiny of further Chinese tech names and more Evergrande-related potential defaults. Oil remains above $80, so equity markets may find it hard going on Tuesday.  Asia saw markets fall over 1%, but Europe is flat.

The dollar is also flat at 1.1560 versus the euro, Oil as mentioned is strong at $81, and Bitcoin continues to surge at $57,400. Gold trades at $1,761.

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European markets are mixed: Eurostoxx +0.2%, FTSE +0.1% and Dax -0.4%.

US futures are slightly higher: S&P +0.1%, Dow flat and Nasdaq +0.3%.

Wall Street (SPY) top news

UK payrolls hit record.

Americans warned supply chain issues may hit Christmas supplies. Bah, humbug!

Glaxo Smithkline (GSK): Bloomberg reports that the consumer products unit is attracting private equity interest.

CureVac (CVAC) is down 13% premarket as the company will focus on second-gen covid vaccine and withdraw first-gen vaccine from EMA approval.

Airbnb (ABNB): Cowen upgrades.

Netflix (NFLX): Jefferies raises price target.

Signet Jewelers (SIG) announces it has bought Diamonds Direct for $490 million. 

Nvidia (NVDA): EU to investigate proposed ARM bid-Reuters.

Fastenal (FAST) revenue and EPS in line.

Southwest (LUV) hoping to get back to a normal schedule by Wednesday after flight cancellations recently.

Ulta Beauty (ULTA): JPMorgan raises price target.

Tesla (TSLA): latest data from China shows it sold a record 56,006 vehicles from China in September.

Nike (NKE): Goldman says it is a buy!

MGM Resorts (MGM): Credit Suisse upgrades.

General Electric (GE): JPMorgan says could be overvalued by up to 20%-CNBC.

Pfizer (PFE) and Merck (MRK): Morgan Stanley raises price targets on both.

Upgrades, downgrades and premarket movers

Source: Benzinga Pro

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