Here is what you need to know on Wednesday, September 8:
Bitcoin slid yesterday as El Salvador went live with the currency as legal tender. The good news though was not forthcoming as the country was hit with technical issues in a less than a smooth rollout. Bitcoin fell sharply on the news and likely buy-the-rumour-sell-the-fact action. Crypto stocks obviously rolled over, and this has continued this morning for COIN with news that the SEC has threatened to sue over its proposed crypto lending program uncreatively named Lend. COIN shares are down another 3% in the premarket, having fallen 4% on Tuesday. Meme stocks are back in focus as AMC pops 8% on record Labor Day weekend revenue and GameStop's (GME) quarterly report after the close tonight.
The dollar is calm in light trading at $1.1826 versus the euro, gold is at $1,800, Bitcoin is recovering to $46,000, and Oil is higher at $69.20.
European markets are weaker: Dax -0.6%, FTSE flat and Eurostoxx -0.1%.
US futures are flat.
SPY stock news
Fed's Bullard pushes for early Fed taper. He is a noted hawk.
ECB's Holzman says policy to be normalized sooner than expected, i.e. taper to start sooner than expected.
Coinbase (COIN) threatened with lawsuit by SEC if it launches Lend program.
Tesla (TSLA) up 1% premarket on China sales data.
COTY down 9% on a stock offering.
Citrix (CTXS) is up on news of Elliot Management stake-WSJ.
UiPath (PATH) down 7% premarket after results, Barclays lower price target.
KornFerry (KFY) up 6% as EPS and revenue beat estimates.
NIO down 3% premarket on stock offering.
Bumble (BMBL) down 5% on stock offering.
Ollies Bargain Outlet (OLLI) up 4% on Berenberg upgrade.
Upstart (UPST) up 4% as Piper Sandler increases price target.
Petco (WOOF): our favourite ticker up 3% premarket. CEO buys shares according to SEC filing on Tuesday-Benzinga.
Intel (INTC) plans to invest up to $95 billion to build semiconductor facilities in Europe.
Upgrades, downgrades and premarket movers
Source: Benzinga Pro
Economic releases
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