Wake Up Wall Street (SPY) (QQQ): The dip that keeps on dipping
Here is what you need to know on Wednesday, September 29:
A tumultuous Tuesday could lead to a Wednesday wipeout, but so for the portents of doom are being kept at bay as bargain hunters and bottom pickers enter the fray. Treasury yields are the new buzzword among investors, and these remain calm on Wednesday, leading to the potential for a dead cat bounce. Various Fed officials are on the wires this week with Fed chair Powell speaking at an ECB conference later today. Evergrande has taken a back seat but may reignite things as rumours circulate from Asia that it did not pay interest due on Wednesday. But China does appear to be acting as reports had circulated on Tuesday that it was asking state-owned enterprises to intervene. A bond default is not triggered for 30 days for most interest payments.
The US political scene still has the potential to sleepwalk markets into armageddon, that of a US debt default, as lawmakers argue over the debt ceiling and a government shutdown. That would make the current market malaise seem like a ripple in a tsunami of red. But really, this is a highly unlikely event.
The dollar remains impressed by higher yields at 1.1650 now versus the euro, while Oil is at $74.80 and Goldtrades at $1,743. Bitcoin is bouncing to $42,400 and the VIX is steady at 22.
See forex today
European markets are higher: EuroStoxx +0.8%, Dax +0.9% and FTSE +0.9%.
US futures are also higher: S&P +0.3%, Dow +0.2% and Nasdaq +0.4%.
Wall Street (SPY) stock news
Amicus Therapeutics (FOLD) up 10% premarket as FDA accepts filings for Pompe treatment.
Eli Lilly (LLY) upgraded at Citi.
Worthington Industries (WOR) up 7% on results.
Netflix (NFLX) is on the diversification game, as it announces it bought a video game maker.
Lucid (LCID) pops over 7% in premarket as CEO says production and delivery progressing with first deliveries due in October.
EQT Corp (EQT) down 6% on share offering.
Pfizer (PFE), Moderna (MRNA), BioNTech (BNTX): FDA said to mull over authorizing Moderna at half dose for booster shots-Bloomberg.
Affirm (AFRM) allows users to buy/sell crypto. Jefferies raises the price target.
Boeing (BA): Bernstein upgrades
Cal-Maine (CALM) up 4% premarket on higher than expected results.
Dollar Tree (DLTR) increases its share buyback plan.
Upgrades, downgrades and premarket movers
Source: Benzinga Pro
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.
