Wake Up Wall Street (SPY) (QQQ): Omi can this market rally?

Ivan Brian FXStreet

Here is what you need to know on Monday, December 6:

Equity markets look set to start the week on a positively nervous note as investors look for more information on the omicron variant. We do feel the market reaction to omicron is overdone, markets needed a correction, omicron just provided the excuse. Tech remains highly elevated and therefore highly risky in the current environment. Risk assets remain exactly that as witnessed by Bitcoin over the weekend. $40,000 just about held and the bounce is on but for how long? Powell punched a hole in transitory and tapering last week and added to Vix elevation. The Fed is likely to remain on course to now complete its tapering by early Q2 2022, nearly a full quarter ahead of prior expectations. This one in particular has got equity markets in a tailspin. We have noted the strong correlation between the Fed balance sheet and the S&P 500 before so can this correlation end peacefully? We wait with bated breath but certainly, the yield curve flattening is not a positive.

The dollar is a touch stronger this morning as currency safe havens lose ground. Eurodollar is 1.1292 now. Oil is 3% higher at $68.32 and Gold steady at $1778. Bitcoin was anything but steady over the weekend but is now back to $48,500.

See forex today

European markets are higher: EuroStoxx +0.7%, FTSE +1.1% and Dax +0.5%.

US futures are also higher apart from tech: S&P +0.35, Nasdaq -0.4% and Dow +0.7%.

Wall Street (SPY) (QQQ) stock news

Rivian (RIVN) catches a host of research notes as the blackout ends. see more.

Tesla (TSLA), Elon sells more stock as TSLA teeters near $1,000. see more.

Didi (DIDI) delisting news hits other Chinese names hard.

Alibaba (BABA) names a new CFO.

Lucid (LCID) gets a subpoena from SEC, see more.

Nvidia (NVDA), EU pauses investigation due to more info needed. FTC issued a suit last week. See more.

Kohls (KSS) Engine Capital urges the sale or separation of eCommerce business-Reuters.

Snowflake (SNOW) Credit Suisse raises the price target.

Coinbase (COIN) down 6% premarket on bitcoin wobbles.

AMC offering new NFT but shares fall further, down 3% premarket.

Upgrades and downgrades

Source: Benzinga Pro

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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.

GBP/USD trims gains, back to around 1.3500

GBP/USD now surrenders part of the earlier move to multi-week peaks around 1.3530 and comes close to the 1.3500 support on Monday. Cable’s uptick comes in tandem with decent gains in the Greenback, always amid persistent uncertainty lingering over the reopening of the Strait of Hormuz and US-Iran talks.

EUR/USD deflates to 1.1540

EUR/USD begins the week on the back foot, retesting the 1.1540 zone as the NA session draws to a close. The better tone in the US Dollar weighs on the risk complex, sparking the daily correction in spot, always on the back of unabated effervescence in the Middle East.

Gold surges past $4,400, hitting fresh two-month highs

Gold climbs further beyond $4,400, touching its highest level since June 5 in the Asian session on Tuesday. Easing Fed rate hike expectations continue to drive flows towards the non-yielding bullion. Meanwhile, inflation risks stemming from volatile oil prices back the case for at least one rate hike in 2026, which supports the US Dollar and might cap the precious metal ahead of the crucial US CPI report on Wednesday.

Ethereum: SharpLink reports loss as BitMine continues share buybacks and ETH acquisitions

SharpLink reported $394.3 million in Q2 net losses following heavy declines in the crypto market, over a 3.5x decline from the $103.4 million losses in Q2 2025, according to a filing on Monday. The losses comprise $321 million in unrealized crypto losses on its ETH holdings and $76.1 million in impairments on its liquid staking tokens LsETH and weETH.

RBA set to hold interest rate at 4.35% as softer inflation cools hike bets

The Reserve Bank of Australia is on track to keep the Official Cash Rate (OCR) steady at 4.35% for the second consecutive meeting on Tuesday. The decision will be announced at 04:30 GMT, accompanied by the Monetary Policy Statement and updated economic forecasts. RBA Governor Michele Bullock’s press conference will follow at 05:30 GMT.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.