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
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.