Wake Up Wall Street (SPY) (QQQ): Fed talks taper, but meme marches on
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UPGRADEHere is what you need to know on Thursday, November 4:
I'll tell you what you need to know, this market is bulletproof, ain't nothing ever going to reign in this bull. Jump on and watch it go. Certainly seems that way and as we enter strong corporate buyback season, and inflows are only likely to increase further. Ford (F) just announced it is buying back $5 billion in junk bonds. The Fed played it Cool Hand Luke on Wednesday (if anyone gets that reference I'll be amazed) and kept the party going.
Not a lot it can do as it is a conservative organization. At some point it may have to shock equity markets to try and deflate things a bit, but not just yet. The taper was talked, but meme stocks certainly were not for tapering as the back to the future move into January reignited with some parabolic gains. BBBY did swing wildly, only closing up 15% after nearly doubling in the premarket. See here.
The Bank of England marks a surprise "No" move on interest rates. Did they get the call from the Fed saying, "Please do not raise rates. It will make it look like we are behind the curve." No need, my friends, you already are!
Sterling has naturally tanked after the BOE and the dollar is higher across the board at 1.1560 versus the euro. Oil is spiking to $83.40. Bitcoin is lower at $61,600, and Gold is higher at $1,791.
See forex today
European markets are higher: Eurostoxx flat, FTSE +0.3% and DAX +0.5%.
US Futures are higher: S&P +0.2%, Dow flat and Nasdaq +0.3%.
Wall Street (SPY) (QQQ) stock news
Iran nuclear talks are to resume on November 29.
President Biden orders US companies to ensure employees are vaccinated or tested by January 4.
Ford (F) to buy back $5 billion of junk bonds. Also requires employees to be vaccinated by December 8.
Lightspeed (LSPD) drops 23% on earnings.
ROKU beats earnings, but revenue was a miss, shares fall nearly 8%.
Vimeo (VMEO) down 20% on earnings.
Qualcomm (QCOM) beats EPS by 29 cents. Revenue and forecasts also strong, shares surge 8%.
Moderna (MRNA) down 14% as it sees lower vaccine sales despite Pfizer (PFE) being bulled up yesterday.
Electronic Arts (EA) shares beat on EPS, raises outlook, shares up 3%. Sports, it's in the game!
ETSY beats on earnings, but poor forecast hits the stock.
Ocugen (OCGN) down 12% premarket, see more here.
Allbirds (BIRD): Can this BIRD fly any higher? Drops slightly after flying 90% on Wednesday.
Upgrades and downgrades
Source: Benzinga Pro
Economic releases
Here is what you need to know on Thursday, November 4:
I'll tell you what you need to know, this market is bulletproof, ain't nothing ever going to reign in this bull. Jump on and watch it go. Certainly seems that way and as we enter strong corporate buyback season, and inflows are only likely to increase further. Ford (F) just announced it is buying back $5 billion in junk bonds. The Fed played it Cool Hand Luke on Wednesday (if anyone gets that reference I'll be amazed) and kept the party going.
Not a lot it can do as it is a conservative organization. At some point it may have to shock equity markets to try and deflate things a bit, but not just yet. The taper was talked, but meme stocks certainly were not for tapering as the back to the future move into January reignited with some parabolic gains. BBBY did swing wildly, only closing up 15% after nearly doubling in the premarket. See here.
The Bank of England marks a surprise "No" move on interest rates. Did they get the call from the Fed saying, "Please do not raise rates. It will make it look like we are behind the curve." No need, my friends, you already are!
Sterling has naturally tanked after the BOE and the dollar is higher across the board at 1.1560 versus the euro. Oil is spiking to $83.40. Bitcoin is lower at $61,600, and Gold is higher at $1,791.
See forex today
European markets are higher: Eurostoxx flat, FTSE +0.3% and DAX +0.5%.
US Futures are higher: S&P +0.2%, Dow flat and Nasdaq +0.3%.
Wall Street (SPY) (QQQ) stock news
Iran nuclear talks are to resume on November 29.
President Biden orders US companies to ensure employees are vaccinated or tested by January 4.
Ford (F) to buy back $5 billion of junk bonds. Also requires employees to be vaccinated by December 8.
Lightspeed (LSPD) drops 23% on earnings.
ROKU beats earnings, but revenue was a miss, shares fall nearly 8%.
Vimeo (VMEO) down 20% on earnings.
Qualcomm (QCOM) beats EPS by 29 cents. Revenue and forecasts also strong, shares surge 8%.
Moderna (MRNA) down 14% as it sees lower vaccine sales despite Pfizer (PFE) being bulled up yesterday.
Electronic Arts (EA) shares beat on EPS, raises outlook, shares up 3%. Sports, it's in the game!
ETSY beats on earnings, but poor forecast hits the stock.
Ocugen (OCGN) down 12% premarket, see more here.
Allbirds (BIRD): Can this BIRD fly any higher? Drops slightly after flying 90% on Wednesday.
Upgrades and downgrades
Source: Benzinga Pro
Economic releases
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