Wake Up Wall Street (SPY) (QQQ): Thanksgiving can't save this turkey of a market


Here is what you need to know on Wednesday, November 24:

Equity markets remain nervous ahead of Thanksgiving with more profit-taking likely ahead of a potentially long weekend for some. The market has all of a sudden become spooked by some well-established themes. COVID-19 is surging in Europe, and more lockdowns are likely. Yields are rising, so too inflation, and supply chain issues are not going away. The latest to cite supply chain issues is Gap (GPS), which missed earnings and slashed its outlook. The shares tanked 20% in the afterhours trade on Tuesday.

More inflation data (PCE) is due out later, and it will be unsurprisingly high, but markets may take that badly as investors seek excuses to sell. Consumer sentiment is also due, and this coupled with weakening PMIs is a lead indicator with a high correlation to stock market performance.

Oil has steadied after the US released some of its reserves and is at $78.40 now, while the dollar is still powering into Thanksgiving and has eyes on the big 1.11 figure as it trades at 1.1205 now. Bitcoin is lower again at $56,400, and gold is at $1,786. The Vix is close to a 20-red alert red alert.

See forex today.

European markets are lower: EuroStoxx -1.2%, FTSE -0.5% and Dax -0.9%.

US futures are lower: S&P -0.3%, Dow -0.4% and Nasdaq -0.5%.

Wall Street top news

Tesla (TSLA) Elon Musk sells more shares on Tuesday, see here.

Gap (GPS) falls 20% as earnings miss and forecasts cut.

Dell Technologies (DELL) beats and increases outlook, up 2% premarket.

Jack in the Box (JACK) was downgraded by Stifel. Goldman and Credit Suisse lower price target.

GameStop (GME) slides 13% on no news, earnings due December 8, see more.

VMware (VMW) beats on EPS but falls 2% premarket. Goldman lowers price target.

Nordstrom (JWN) missed on earnings, falls 26% premarket.

Deere (DE) up 3% on earnings beat. 

Anaplan (PLAN) down 20% despite earnings beat and forecast raise. Mizuho, Piper Sandler, KeybancBerenberg, Barclays, Jefferies, and Cannacord all lower price targets.

Meme stocks lose momentum: Rivian (RIVN) steady, see here, AMC down 5%, see here, other fallers include BBBY, BBIG, RBLX, ROOT and PLTR.

Upgrades and downgrades

Source: Benzinga Pro

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