Here is what you need to know on Tuesday, January 10:
Equities had an ugly close on Monday as intraday gains were given up. The Dow and S&P 500 closed in the red, while the NASDAQ just barely held onto some gains. Tech stocks did stage a bounce, and among them Tesla (TSLA) was the standout after some positive news about wait times in China. The lure of $100 is still close by though, so let us see if bears have the stomach for it. Equities are calmer on Tuesday as most markets are now focused on Thursday's US CPI print. So far optimism remains the core theme of the first week of the year, and Goldman Sachs added to that as it pulled its recession prediction for Europe and instead forecasts growth of 0.6% for the year. Bond yields in Europe remain supported versus the US, which is helping the Euro hold up versus the US Dollar ahead of the anticipated lower CPI print on Thursday.
The Dollar Index is slightly higher at 103.20, Gold is flat at $1,872, and Oil is higher at $74.91.
European markets are mixed: FTSE +0.2%, Dax -0.4%, and Eurostoxx is flat.
US futures are lower: S&P 500 and Dow both -0.5% and Nasdaq -0.7%.
Wall Street top news
Powell to speak at Riksbank conference at 9am EST.
Crocs (CROX) raises outlook.
Coinbase (COIN) to cut 950 jobs.
Shake Shack (SHAK) sales miss estimates.
Bed Bath & Beyond (BBBY) misses on top and bottom lines.
Reuters headlines
Apple (AAPL) to replace key Broadcom chip with in-house design - Bloomberg News.
Jefferies Financial Group Inc (JEF): The Investment bank reported a 52.5% decline in fourth-quarter profit on Monday, hit by lower underwriting fees and volatile markets that dented income from its trading desks.
Alibaba Group Holding Ltd (BABA): The Chinese e-commerce giant has signed a cooperation agreement with the government of Hangzhou.
Amazon.com Inc (AMZN): The company has said it plans to shut three UK warehouses in a move that will impact 1,200 jobs, PA Media reported.
Coca Cola Inc (KO) & PepsiCo Inc (PEP): Beverage giants Coca-Cola and PepsiCo are under preliminary investigation by the U.S. Federal Trade Commission (FTC) over potential price discrimination in the soft drink market, Politico reported on Monday citing sources.
Pfizer Inc (PFE): The company is not in talks with Chinese authorities to license a generic version of its COVID-19 treatment Paxlovid for use there, but is in discussions about a price for the branded product, Chief Executive Albert Bourla said.
Southwest Airlines Co (LUV): The company said on Monday it made leadership changes across several departments in a bid to strengthen operations amid a recent technology meltdown that forced the carrier to cancel more than 16,700 flights.
Upgrades and downgrades
Source: WSJ.com
Economic releases
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