Wake Up Wall Street (SPY) (QQQ): Markets squeeze lower in slow trade

Ivan Brian FXStreet

Here is what you need to know on Monday, December 14:

Equity markets are in a holding pattern as Monday brings little in the way of fresh data, while the remainder of the week is a blockbuster. Tuesday sees US CPI followed by the Fed on Wednesday and then the ECB and BOE on Thursday. So far this morning, oil and yields are lower, helping to engineer a largely flat session in Europe despite Asia closing lower.

The US Dollar is slightly lower with the Dollar Index moving to 104.72, while oil continues to slide as it hits $70.69 now. Gold is more or less flat at $1,793, and Bitcoin is trading at $16,900.

See forex today

European markets are flat: Eurosotxx +0.15%, FTSE +0.1% and Dax -0.8%. Well flat ish!

US futures are higher: Nasdaq +0.3%, S&P +0.25% and Dow +0.2%.

Wall Street top news

UK Chancellor Hunt says UK economy is likely to get worse and does not know if inflation has peaked.

Microsoft (MSFT) to buy a stake in London Stock Exchange.

Amgen (AMGN) to buy Horizon Therapuetiucs (HZNP).

Coupa Software (COUP) jumps as Thoma Bravo rumored to offer $81 a share.

Reuters headlines

Clovis Oncology (CLVS): The US drugmaker on Sunday filed for bankruptcy protection in Delaware.

Coinbase Global (COIN): The US Supreme Court on Friday agreed to hear cryptocurrency exchange Coinbase's bid to halt lawsuits the company contends belong in private arbitration, including one by a user suing after a scammer stole from his account.

General Motors (GM): The US Energy Department said it had finalized a $2.5 billion low-cost loan to a joint venture of General Motors and LG Energy Solution to help pay for three new lithium-ion battery cell manufacturing facilities.

Rivian Automotive (RIVN): The company said it is pausing its joint venture with Mercedes-Benz Vans, just three months after the companies entered a partnership to make electric vans in Europe.

Spirit Airlines (SAVE): The company has offered as much as a 43% cumulative weighted-average pay raise to its pilots over two years, according to a union memo seen by Reuters.

Upgrades and downgrades

Upgrades $BBY $BDX $COUP $GPS $MNDY $UAA https://t.co/eAzzXmW2uv pic.twitter.com/K0ojaJrFsL
— *Walter Bloomberg (@DeItaone) December 12, 2022

Downgrades $BYD $ILMN $LEVI $MU $NRVO $QCOM $ULTA https://t.co/h7EhokdnFw pic.twitter.com/GUfD65h9Wm
— *Walter Bloomberg (@DeItaone) December 12, 2022

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.

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