Wake Up Wall Street (SPY) (QQQ): Walmart worries, but retail sales keep the faith
Here is what you need to know on Tuesday, May 17:
Retail sales thankfully let bulls off the hook and may allow this bear market rally to finally get going. Monday was a bit timid with investors fearful of doing anything after recent pummelings. The real retail sales metric (WMT Q1 earnings) was fine, but Walmart's outlook was terrible. Remember economic releases are backward-looking, and guidance is forward-looking. Walmart's warning is a big concern. Twitter and Elon Musk's circus show drags on with more news this morning from the platform that it expects the deal to go through as is.
The dollar index is on the defensive, down to 103.61 primarily on positioning, as this recent move closes. Oil is higher at $114, and Bitcoin is still holding above $30,000. Gold is at $1,833, and US yields are higher this morning.
European markets are higher: Eurostoxx +1.5%, FTSE +1% and Dax +1.5%
US futures are also higher: S&P +1.5%, Dow +1.1% and Nasdaq +1.8%
Wall Street Top News (QPY) (QQQ)
US retail sales hold up +0.9% versus 1% estimate monthly, core +0.6% versus 0.4% estimate.
Twitter (TWTR) files that it expects Musk deal at original price.
Apple (AAPL): Scion Capital's Michael Bury is short, according to the latest filings.
Citi (C): Buffet is long a decent stake as per filings.
Walmart (WMT) down 6% on poor guidance, cites inflation concerns.
Home Depot (HD) beats estimates.
United Airlines (UAL) raises outlook for revenue.
JD.com (JD) beats on top and bottom lines.
Rivian (RIVN) CEO buys over $1 million worth of stock. Ford has been selling.
Starbucks (SBUX) CEO buys shares.
Saudi Aramco (ARMCO) mulls IPO of trading unit.
Upgrades and Downgrades
Source: Benzinga Pro
Economic Releases
The author is long IUSA and short Tesla and Twitter
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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.
