Wake Up Wall Street (SPY) (QQQ): CPI hurdle, midterm elections and crypto crash


Here is what you need to know on Wednesday, November 9:

Equity markets are stalling in the latest rally as big hurdles await this latest equity rally. Elon Musk hits Tesla (TSLA) with another chunk sold, and Meta Platforms (META) dumping about 11,000 jobs. Disney (DIS) also misses as it seems Disney+ is paying for subscribers, which is ultimately hurting earnings. The question is how much is it worth and how much can it afford to pay for a share of the streaming market. Disney is down about 7% in the premarket.

Over in the crypto space, things are even worse with the fallout from the FTX debacle continuing. Bitcoin set a new yearly low but so far is hanging on for its life to the $17,000 handle. Let's see how this plays out for risk assets, but the correlation between Bitcoin and Nasdaq, for example, has weakened in recent weeks, so contagion may not spread.

Gold has stabilized after recent rallies and is at $1,707 now. Oil prices are lower. On Tuesday we got a surprising build in crude inventories from API data and more talk of covid outbreaks in China are hurting demand. Oil is down to $87.20 now. The Dollar Index is higher at 110, but all is calm before tomorrow's CPI data. 

See forex today

European markets are lower Eurostoxx and FTSE are flat but the Dax is -0.6%.

US futures are also lower Dow, Nasdaq, and S&P are all down -0.4%.

Wall Street top news

Democrats appear to do better than expected as Trump-backed candidates fare less well than predictions.

Republicans should win the House, but Senate looks like it stays with Democrats.

IEA says OPEC+ may need to rethink supply cuts.

Disney (DIS) misses as streaming costs build up.

Meta Platforms (META) cutting 11k jobs.

Tesla (TSLA): Elon Musk sells more stock.

Canopy Growth (CGC) misses on EPS, but revenue is ahead of forecasts.

AMC Entertainment (AMC) earnings show cash burn and lower attendance despite earnings beating estimates.

Roblox (RBLX) down sharply on earnings miss.

DR Horton's (DHI) profit rises, but it misses on EPS and revenue.

Lucid (LCID) says orders were lower in Q3, shares fall 7%.

Novavax (NVAX) cuts revenue forecasts again.

Occidental Petroleum (OXY): EPS is in line with revenue beating forecasts.

FedEx (FDX) says package volumes are lower than forecast.

Taiwan Semiconductor (TSM) to build a new plant in Arizona.

Upgrades and downgrades

WSJ.com

Economic releases

 

 

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

EUR/USD recovers from two-year lows, stays below 1.0450

EUR/USD recovers from two-year lows, stays below 1.0450

EUR/USD recovers modestly and trades above 1.0400 after setting a two-year low below 1.0350 following the disappointing PMI data from Germany and the Eurozone on Friday. Market focus shifts to November PMI data releases from the US.

EUR/USD News
GBP/USD falls to six-month lows below 1.2550, eyes on US PMI

GBP/USD falls to six-month lows below 1.2550, eyes on US PMI

GBP/USD extends its losses for the third successive session and trades at a fresh fix-month low below 1.2550 on Friday. Disappointing PMI data from the UK weigh on Pound Sterling as investors await US PMI data releases.

GBP/USD News
Gold price refreshes two-week high, looks to build on momentum beyond $2,700 mark

Gold price refreshes two-week high, looks to build on momentum beyond $2,700 mark

Gold price hits a fresh two-week top during the first half of the European session on Friday, with bulls now looking to build on the momentum further beyond the $2,700 mark. This marks the fifth successive day of a positive move and is fueled by the global flight to safety amid persistent geopolitical tensions stemming from the intensifying Russia-Ukraine war.

Gold News
S&P Global PMIs set to signal US economy continued to expand in November

S&P Global PMIs set to signal US economy continued to expand in November

The S&P Global preliminary PMIs for November are likely to show little variation from the October final readings. Markets are undecided on whether the Federal Reserve will lower the policy rate again in December.

Read more
Eurozone PMI sounds the alarm about growth once more

Eurozone PMI sounds the alarm about growth once more

The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.

Read more
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

Forex MAJORS

Cryptocurrencies

Signatures