Wake Up Wall Street (SPY) (QQQ): Markets march on, inflation marches on, who blinks first?
Here is what you need to know on Friday, November 12:
Equity markets are up again as all is well in the equity investor's mind. The greatest mind of them all, Warren Buffet, does not seem to think so as he hoards a pile of cash likely waiting for the next crash. Buffet is holding more cash than at any time previously. He is also buying back his own stock at Berkshire Hathaway, something he is notoriously critical of in other companies. He feels companies should always be able to invest better than repurchasing their own stock.
The equity market is unperturbed though, despite the bond and currency markets once again moving significantly. The dollar has been on a charge as higher US rates and growth versus Europe see it break higher, while yields across the board have risen, but particularly at the front end with strong moves from the 2 and 5-year yields on Thursday. The Nasdaq has yet to react, but watch this space.
The dollar as mentioned is pumped up at 1.1440 versus the euro, Gold is at $1,852, Bitcoin is at $64,100, and Oil is lower at $80.
See forex today
European markets are mixed: EuroStoxx +0.3%, FTSE -0.4% and Dax +0.2%.
US futures are up: S&P +0.2%, Dow +0.3% and Nasdaq +0.3%.
Wall Street (SPY) (QQQ) stock news
Astra Zeneca (AZN) reports EPS and revenue beat, reaffirms guidance.
Coupang (CPNG) down 2% on earnings.
XPeng (XPEV) up 4% on news it is to unveil a new model on November 19.
Rivian (RIVN) is up 3% premarket, see more.
Biogen (BIIB) is up 3% premarket on phase 3 data on Alzheimer's treatment last night.
Tilray (TLRY), Canopy (CGC) up on news Virginia GOP taking control of the State House, rumoured to be more amenable to allowing marijuana sales.
Tesla (TSLA): Elon Musk sells more stock in Tesla. see here.
Moderna (MRNA) and US gov's NIH at odds over intellectual property for covid vaccine, see here.
JD.com (JD) accepts digital yuan payments.
Paysafe (PSFE) was downgraded by Cowen and Evercore.
Hewlett Packard (HPE) was downgraded by Goldman.
PENN upgraded by Deutsche.
Upgrades and downgrades
Source: Benzinga Pro
Economic releases
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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.
