Here is what you need to know on Wednesday, December 1:

December is here, and volatility is king. Fed Chair Jerome Powell trashed talk equities on Tuesday as the bull-man rustled bears with talk of inflation being not so transitory and speeding up its taper in December. What about the traditional Christmas rally there, Jay, my old friend? Apple though remained aloof from the panic and surged to a record high close on the back of...well who knows, momentum, perhaps. The stock did have a few positive catalysts, which we discuss in our note, but nothing quite so jaw-dropping as the performance itself. The stock should be set up for a tilt at $200 now before year end. Equities and volatility both remain bullish, making December a bit more interesting than thought.

The currency market is calm by comparison with the dollar back on strong at 1.1310 now versus the euro, and Bitcoin also up to $57,400. Oil is up 2% to $68.50, while Gold is also higher at $1,785. VIX slumped to 23.50 yesterday, and yields also remain low relative to recent moves. 

See forex today

European markets are higher: Eurostoxx +1.6%, FTSE +1% and Dax +2%.

US futures are also higher: S&P +1.3%, Nasdaq +1.4% and Dow +1%.

Wall Street (SPY) (QQQ) stock news

Apple (AAPL) surged to a record high close on Tuesday, see more.

Salesforce (CRM) slumps 6% on earnings beat but forecast miss.

Alibaba (BABA), JD, etc.: Bloomberg reports China plans to block certain overseas IPOs.

Zscaler (ZS) up 7% on strong earnings and guidance.

LiAuto (LI) up 6% on strong delivery data for November.

NIO and XPEV also rally on LI data.

Moderna (MRNA), Pfizer (PFE): WHO official says most early cases of Omicron show symptoms are mild.

BOX up 9% on strong earnings.

Krispy Kreme (DNUT): Goldman downgrades the stock, but the donuts remain a buy in the author's view!

Ambarella (AMBA): another semiconductor maker reports strong earnings, stock up 16% premarket.

DRHorton (DHI): Goldman Sachs downgrades.

Upgrades and downgrades

Source: Benzinga Pro

Economic releases



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