Wake Up Wall Street (SPX) (QQQ) (NDX): Well someone needs to wake up as equity markets slumber

Here is what you need to know on Tuesday, May 18:

Equity markets are in slumber as earnings season peters out and economic data is thin on the ground. Meme stocks take advantage and rally back into consciousness. AMC in particular surges for the seventh consecutive day and smashes some big resistance levels on the way. The RSI and CCI now show oversold though due to the speed of the move.

Bitcoin continues to spook retail investors as regulators struggle to come to grips with a new asset class. Bitcoin struggles to hold $45,000 which sees some exit for meme stocks. 

Retail stores are also in the news with strong earnings from Home Depot (HD), Macy’s (M), and Walmart (WMT). All three beat estimates (who doesn’t these days) and rally in the premarket. Adding further fuel to the strong economic rebound due.

The dollar remains in depreciation mode and drops below 1.22 versus the Euro for the first time since February. A drop in yields hits the dollar with the ten year at 1.63% now. Oil remains strong with Brent breaking $70 as Europe’s vaccination drive increases pace. 

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European markets remain flat with Dax, FTSE and EuroStoxx all barely in the green.

US futures are all boosted by the trio of earnings from Macy’s Walmart and Home Depot. The Dow is +0.2%, S&P +0.2% and the Nasdaq is +0.5%.

See Nasdaq and S&P technical analysis

Wall Street top news

Indian covid variant to be dominant in the UK in a matter of days according to scientists.

Walmart (WMT) reports strong earnings, shares up in pre-market by 4%.

Macy’s (M) also reports earnings ahead of estimates, shares up 4% premarket.

Home Depot (HD) shares up 2% premarket as earnings beat expectations.

AMZN is in talks to acquire MGM film studio.

AT&T (T) shares drop 6% premarket after rallying on Monday post the Warnet Media DISCA deal.

TSLA: Michael Bury takes another Big Short, disclosing a large put option position.

Fisker (FSR) lost less than analysts had forecast, shares down in premarket.

Toyota (TM) hits record high in Japanese trading, CNBC reports it broke previous high from 2015.

Baidu (BIDU) shares are up 4% premarket as Q1 numbers beat estimates.

Sea (SE) reports worse than expected Q1 numbers, shasre down 4% premarket.

Twilio (TWLO) up 1% in premarket, Twilio is to buy Zipwhip for about $850 million.

Earnings after the close: Trip.com (TCOM) and Take-Two (TTWO).

Ups and downs

Source: Benzinga

Economic releases