Wake Up Wall Street (SPY) (QQQ): Tesla tweets, bears are beat, but Buffet hoards cash
Here is what you need to know on Monday, November 8:
Tesla (TSLA) is once again stealing the headlines, but this time good old Elon is sending the stock sliding as he runs a Twitter poll to sell 10% of his holding. The guy is pure box office and gives great copy, so keep it coming Elon. Tesla shares were down 7% premarket but have bounced to -5% currently. See more here.
Equities just keep going up, and now that it is winter bears have gone into total hibernation for fear of being completely mauled. This year is close to breaking 1995’s record for record-setting with 65 all-time high closes in the S&P 500 so far with two months left. It looks good today for more gains as futures point north. The market is in a buoyant mood after Friday’s strong jobs report. We always like to dampen the spirits though and note with interest the surge in yields this morning. The two-year is up a cool 6%, so let us see how tech stocks react to that.
Evergrande also looks to have missed another overseas coupon payment. Tech stocks may not be where all the fun is at over the coming weeks as the Russell 2000 (IWM) finally breaks out of its year-long range play. This could rally into year-end as small caps may catch some bids once tech and mega caps peter out. Sector rotation, they call that one.
Inflation data is out later in the week and will put Fed policy back in the limelight. Now that the Fed meeting is done, Fed officials are out of a blackout and take to the wires big time this week to explain their thought process. Keep an eye on Powell and Clarida today.
Russell 2000 (IWM) daily chart
The dollar is flat but consolidating after recent gains, at 1.1580 versus the euro. Oil recovers slightly to $81.90. Bitcoin is seeking out more records at $65,700, and Gold is $1,820.
See forex today
Europen markets are a tad lower: EuroStoxx flat, FTSE -0.1%, and Dax -0.2%.
US futures are green: S&P +0.2%, Dow +0.3% and Nasdaq +0.1%.
Wall Street (SPY) (QQQ) stock news
Tesla (TSLA) shares are falling as Elon tweets about selling 10% of his stake, see more.
Caterpillar (CAT) is up 4% on a bullish note from Baird.
AMC reports earnings after the close tonight. See preview here.
Coty (COTY) reports strong results, stock up 5% premarket.
Moderna (MRNA) down again in premarket after Pfizer antiviral pill news hammers stock. See here.
Krispy Kreme (DNUT): Truist downgrades (how dare they, I love those donuts). Truist downgrades the stock on tight labor market. The donuts remain tasty as ever, I am sure.
SoftBank fell in Japan after reporting a $10 billion hit from Vision Fund on losses in Chinese tech.
Canopy Growth (CGC) was downgraded by Cowen & Co and Cannacord.
Berkshire Hathaway (BRK) boosts its cash hoard to a record high, uh oh!
Rivian (RIVN) is due to IPO on Wednesday at $72-74 now as demand appears to increase.
Apple (AAPL) hires a former Tesla engineer to help with moving into auto, see more here.
Virgin Galactic (SPCE) reports earnings after the close, see a preview here.
Merck (MRK): the UK approves antiviral pill for use against covid.
Disney (DIS) offering streaming Disney+ for $1.99 for a limited time to stem a slowdown in subscriber growth.
Sources: Reuters, CNBC, Benzinga Pro, Bloomberg.
Upgrades and Downgrades
Source: Benzinga Pro
That is all. Seriously, go trade. Only the editor reads down here, and I am not even sure he makes it this far! (I do.)