Omi can this market rally?
Here’s what you need to know on Monday, December 6:
Stock markets are expected to start the week on a positively nervous note as investors seek more information on the omicron variant. We think the market reaction to omicron is overblown, the markets needed a correction, omicron just provided the excuse. The technology remains very high and therefore very risky in the current environment. Risk assets remain exactly as evidenced by Bitcoin this weekend. $ 40,000 or so withheld and the rebound kicked in, but for how long? Powell drilled a transient, tapered hole last week and added to Vix’s elevation. The Fed is expected to stay on track to now complete its reduction by the start of the second quarter of 2022, nearly a full quarter ahead of previous expectations. This one in particular caused the stock markets to fall. We’ve already noted the strong correlation between the Fed’s balance sheet and the S&P 500, so can this correlation end peacefully? We look forward to it, but certainly the flattening of the yield curve is not positive.
The dollar is a little stronger this morning as safe haven currencies lose ground. The Eurodollar is now worth 1.1292. Oil is up 3% to $ 68.32 and gold is stable at $ 1,778. Bitcoin was anything but stable over the weekend, but is now back to $ 48,500.
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European markets are higher: EuroStoxx + 0.7%, FTSE + 1.1% and Dax + 0.5%.
US Futures are also higher outside of tech: S&P +0.35, Nasdaq -0.4% and Dow + 0.7%.
Wall Street Stock News (SPY) (QQQ)
Rivien (RIVN) grabs a load of research notes at the end of the blackout. see more.
Tesla (TSLA), Elon sells more shares as TSLA falters near $ 1,000. see more.
Didi (DIDI) the delisting news hits other Chinese names hard.
Alibaba (BABA) appoints new CFO.
Lucid (LCID) gets SEC subpoena, see more.
Nvidia (NVDA), the EU suspends the investigation due to the need for more information. The FTC filed a complaint last week. See more.
Kohl (KSS) Engine Capital urges sale or separation of e-commerce business-Reuters.
Snowflake (SNOW) Credit Suisse raises the price target.
Coinbase (COIN) down 6% pre-market on bitcoin swings.
AMC offering a new NFT but stocks are still falling, down 3% before market.
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Source: Benzinga Pro