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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.

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