Here is what you need to know on Friday, September 9:

Risk assets are in a bullish mood on Friday as investors rush back into high-growth, high-beta names and drag equities higher. Not just equities though. Bitcoin is probably a leading indicator, and it is up a whopping 9% as it retakes the important $20,000 level and pushes higher. The reasoning is multi-faceted.

Mostly though we can again say things got a bit too bearish. Investors are taking some profits on short positions and mostly are choosing to believe in their man Powell that inflation will not get out of control. Interesting, when it appears to me that he let it get out of control, but the market wanted to rally, so it does. It does not need a reason. We just need to make one up! Certainly, we can say sentiment and position got a bit too bearish and hence we have the rally. From here though, it gets choppy. 

Bitcoin as mentioned is soaring up 9% to $21,200. Oil is also higher as the Iran nuclear deal is once again off the table and OPEC rumors of more cuts do the rounds. Oil is at $85 now. Gold is up at $1,720, and the dollar has finally paused with the dollar index at 109.05. The hawkish talk was overshadowed by positioning and profit taking not to mention increasing rhetoric from the Bank of Japan about the yen's slide.

See forex today

European markets are higher: Eurostoxx +2%, FTSE +1.3% and Dax +1.5%.

US futures are also higher: Nasdaq +2% and Dow and S&P +1.3%.

Wall Street top news (QQQ) (SPY)

EU looking for electricity reductions of 10% from member states-WSJ.

US Secretary of State Iran's latest offering takes us backwards-Financial Juice.

Tesla (TSLA) looking into building a lithium refinery in Texas.

Zscaler (ZS) is up over 10% on strong earnings.

DocuSign (DOCU) also has strong earnings and strong guidance, up 15%.

Virgin Galactic (SPCE) was downgraded by Bernstein.

Intel (INTC) starts two new chip plants in Ohio.

Digital World (DWAC) up as company postpones merger vote.

Smith and Wesson (SWBI) lower after earnings, misses on top and bottom lines.

Kroger (KR) raises EPS guidance.

Upgrades and downgrades

Source: WSJ.com

Economic releases

 

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.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

AUD/USD declines towards 0.6700 amid weak Aussie Retail Sales and China’s Covid protests

AUD/USD declines towards 0.6700 amid weak Aussie Retail Sales and China’s Covid protests

The AUD/USD pair has not responded well to the downbeat monthly Retail Sales data as reported by the Australian Bureau of Statistics. The economic data has landed in negative territory at 0.2% vs. consensus of 0.4% growth and the prior release of 0.6%.

AUDUSD News

EUR/USD retreats towards 1.0350 amid risk aversion ahead of EU inflation, Fed’s Powell

EUR/USD retreats towards 1.0350 amid risk aversion ahead of EU inflation, Fed’s Powell

EUR/USD remains pressured around 1.0380, after beginning the week’s trading with a downside gap, as the risk-off mood underpins the US Dollar’s demand during Monday’s Asian session. Also likely to have weighed on the quote could be the downbeat comments from ECB Governing Council Member Gabriel Makhlouf.

EUR/USD News

Gold snaps four-day uptrend as Covid woes sour sentiment

Gold snaps four-day uptrend as Covid woes sour sentiment

Gold price drops for the first time in five days while printing mild losses around $1,750 during early Monday. The yellow metal bears the burden of the market’s sour sentiment, as well as the cautious mood ahead of important data and events scheduled for publishing during the week.

Gold News

Binance Coin: Two things need to happen for BNB to hit $450

Binance Coin: Two things need to happen for BNB to hit $450

Binance Coin price could be running out of gas to continue its massive rally. While the last five days have been exciting times for holders, the following days will need to be closely monitored. The threat of a downswing looms for BNB.

Read more

Week Ahead: Decisive week for the Dollar as PCE inflation and NFP reports coming up

Week Ahead: Decisive week for the Dollar as PCE inflation and NFP reports coming up

After the Thanksgiving downtime that generated some further weakness for the greenback, investors will be looking for fresh direction from the barrage of US economic data that will be dominating the agenda in the coming week.

Read more

Forex MAJORS

Cryptocurrencies

Signatures