Wake Up Wall Street (SPY) (QQQ): Markets turn around on Monday, but investors still
Here is what you need to know on Tuesday, January 11:
A nice intraday turnaround on Monday came as the Nasdaq recovered some 3% and tech stocks took a badly needed break from losses. We are not out of the woods just yet though with inflation data later this week likely to confirm the trend of 2022 so far, that of interest rate hikes. The fed funds rate now sees a 90% chance of a hike in March, and the rotation into financials should get a boost from bank earnings on Friday. Meme stocks continue to suffer and failed to participate in the tech turnaround on Monday.
Bitcoin is also struggling as the meme stock fallout spreads, while the dollar is flat at 1.1330 versus the euro. Oil is higher at $79.16, and Gold trades at $1,805. The VIX is just under 20, and 2-year and 10-year yields are 0.93% and 1.77%, respectively.
European markets are higher: Eurostoxx +0.15%, FTSE +0.2% and Dax +1%.
US futures are also higher: S&P +0.2%, Dow +0.15 and Nasdaq +0.3%.
Wall Street (SPY) (QQQ) stock news
Fed’s Bostic says three rate hikes likely in 2022.
ECB’s Lane says rate hikes unlikely in 2022. Inflation to fall below 2% in 2023.
Bundesbank’s Nagel says inflation to remain elevated for longer than expected.
Tesla (TSLA) signs a nickel supply deal worth $1.5 billion with Talon Metals.
Tesla (TSLA) sells a record amount of China-made vehicles, 70,847 in December.
Apple (AAPL) to consider Major League Baseball streaming, broadcasting.
Rivian (RIVN) COO Rod Copes has left the company.
Intel (INTC) names new CFO David Zinsner.
IBM is downgraded by UBS.
CVS Health (CVS) raises guidance.
Big Lots (BIG) says omicron and weather have led to softer sales this month.
Abercrombie & Fitch (ANF) up 5% premarket on increase in holiday period sales.
Illumina forecasts revenue above estimates.
JPMorgan (JPM) says unvaccinated staff risk losing their jobs.
Merck (MRK) says covid antiviral pill can work against Omicron.
Nokia (NOK) reassures on guidance, expects to exceed 2021.
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Source: Benzinga Pro
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