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Wake Up Wall Street (SPY) (QQQ): Evergrande relief rally but inflation is not transitory

Here is what you need to know on Thursday, November 11:

Rivian (RIVN) stole the show on Wednesday as the electric vehicle maker saw its shares soar by about 25% from the IPO price. That puts the valuation on par with GM and Ford, so we wonder how that will look in ten years. Is this another Nasdaq 2000 moment?

Inflation took the rest of the day’s focus as another truly shocking number showed just how far behind the curve the Fed really is. Transitory….at least they know how to tell a joke! The dollar and yields knew what to do, but the equity market is still sticking its head in the sand shouting “Everything is going to be ok.” Evergrande managed to avoid a default at the last minute, but other Chinese developers are in big trouble and this will come back to bite soon. 

The dollar popped to 1.1460 now versus the euro. Oil is at $80. Gold is at $1,857, and Bitcoin is at $65,000. Yields surged higher, with the US 2-year now above 0.5% and the 10-year nearing 2%. 

See forex today

European markets are higher: EuroStoxx +0.55, FTSE +0.6% and Dax flat.

US futures are higher also: S&P +0.3%, Dow +0.1% and Nasdaq +0.6%. 

Wall Street (SPY) (QQQ) stock news

AMC CEO Adam Aron sells shares.

Tesla (TSLA) CEO Elon Musk sells about $5 billion worth of Tesla. see here

Rivian (RIVN) surged on IPO. see more.

Disney (DIS) results disappoint as does subs growth, down 4%, see more.

Evergrande (3333.HK) just about avoids default on overseas debt. 

Beyond Meat (BYND) collapses 20% on earnings miss.

Sofi (SOFI) pops 12% on strong earnings. see more.

Affirm (AFRM) up over 20% after expanding partnership with Amazon.

Palantir (PLTR) drops after slowing growth and downgrade from RBC, see more.

Bumble (BMBL) drops 9% on earnings.

Paysafe (PSFE) down 30% on earnings.

Opendoor (OPEN) up 18.5% on strong earnings.

Upgrades and downgrades

Source: Benzinga Pro

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