- Morning Briefing w/ KevinD
- Posts
- Tuesday May 21 @ 9:00am
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"Win as if you were used to it, lose as if you enjoyed it for a change."
📈 The Markets Overnight
🌏 Asia: Down
🌍 Europe: Down
🌎 US Index Futures: Down a bit
🛢 Crude Oil: Down
🪙 Gold: Down a bit
🧐 Yields: Down slightly
💵 Dollar: Up slightly
🔮 Crypto: Mostly up
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💵 Economic Reports and Events Today
Consensus forecasts shown
9:00am FOMC Member Waller Speaks about the economic outlook and monetary policy at an online event hosted by the Peterson Institute for International Economics. (link)
9:00am FOMC Member Barkin deliver opening remarks at the Investing in Rural America Conference hosted by the Federal Reserve Bank of Richmond. (link)
9:05am FOMC Member Williams deliver opening remarks at the Governance and Culture Reform Conference, in New York. (link)
9:10am FOMC Member Bostic delivers opening remarks at the Financial Markets Conference hosted by the Federal Reserve Bank of Atlanta. (link)
11:45am FOMC Member Barr Speaks about bank supervision and regulation at the Director & Executive Regional State Member Bank Virtual Conference. (link)
7:00pm FOMC Member Mester participates in a panel discussion titled "Central Banking in the Post-Pandemic Financial System" at the Financial Markets Conference hosted by the Federal Reserve Bank of Atlanta. (link)
📰 Selected Earnings Releases
Consensus Estimates shown
After Hours Today:
Pre-Market Tomorrow:
🔮 Selected Analyst Ratings Changes
DIS Walt Disney Redburn Atlantic Upgrades to Neutral Targets $100.00
EAT Brinker International Argus Research Upgrades to Buy Targets $72.00
NOVA Sunnova Energy Intl Piper Sandler Downgrades to Neutral Lowers Target to $4.50
TOST Toast Baird Downgrades to Neutral Maintains $28.00
WIX Wix com Piper Sandler Downgrades to Neutral Raises Target to $184.00
📉 Stocks In Play
PANW: Palo Alto Networks: Down 6% after reporting guidance inline with expectations. (link)
MMAT: Meta Materials: Up 24% after the company announced that its lawyers say it has meritorious claims for market manipulation against several parties. (link)
PTON: Peloton: Down 5% but was down as much as 16% in after-hours trading after announcing it has refinanced its debt, gaining access to $1.4B. (link)
JD: JD.com: Down 4% on plans to issue $1.5B in convertible bonds. (link)
ETHUSD: Ethereum: Up 3% adding to yesterday's stunning 19% on signs the SEC will approve a spot Ether ETF. (link)
XPEV: XPeng: Up 7% on a smaller loss than expected with higher revenues and vehicle deliveries although forward guidance came in lighter than expected. (link)
Other Notable Earnings Movers: ZM -3$, LOW +3%, M +2%, ZIM -9%
💬 Commentary
Stocks were higher in very low-volume, choppy trading yesterday with SPY up 0.1%, IWM gaining 0.2%, and QQQ jumping 0.7% to a new all-time high. Technology strongly outperformed, rising 1.2%, while financials were very weak, down nearly 1.4% as yields rose for the third consecutive day.
US index futures are mirroring global markets moving lower this morning ahead of a day jam-packed with a ridiculous amount of Fed speak. As with yesterday, we should expect the market to react to their statements regarding rate cuts, likely on the theme of being in a position to wait but still expecting a cut or two this year. The end result will likely be another low-volume, choppy day while the market waits for tomorrow’s FOMC May meeting minutes and NVDA earnings.
⛵ When you’re ready…
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A powerful yet simple fundamental analysis tool: Stock Unlock
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#1 charting software for serious traders: TradingView
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