Here is what you need to know on Tuesday, September 14:
Equity markets are happy with the just out inflation data from the US as the pace of inflation appears to be slowing,.Powell may be right yet! Core CPI was 4% versus 4.2% expected, and the monthly number was also lower than expected. Investors had finally caught a bounce on Monday with the Dow and S&P finishing up. Monday’s gains for the Dow and S&P stopped six consecutive days of losses, but the Nasdaq was not in such an ebullient mood as it finished Monday down for the fourth day in a row.
Quadruple witching is on Friday and already volatility is starting to look edgy in some stocks with both Tesla (see here) and Palantir (see here) dumping heavily on the open yesterday in supposed option plays. For more explanation of quadruple witching and potential moves, see our note here. Friday is the day for it all to happen, but options with large open interests may see volatility in the underlying share price between now and then. China tech stocks are still in the news, and with Wall Street execs meeting Chinese regulators this week expect more headlines around the sector and position yourself accordingly.
The dollar is little changed at 1.1812, Oil is flat at $70.67, and Bitcoin is higher at $45,600. Gold is $1,784, while Treasury yields and VIX are steady.
European markets are flat, totally flat.
US futures are higher now after the CPI data: Dow, S&P 500 and Nasdaq are all +0.4%.
Wall Street execs and Chinese regulators to meet this week.
The Central Bank of Australia (RBA) says there is unlikely to be a rate rise before 2024.
Oil: Hurricane Ida has resulted in 30 million barrels less supply.
Oracle (ORCL) beats on EPS, but revenue misses forecasts.
Apple (AAPL) day today, new products likely due, see more.
Coinbase (COIN): Piper Sandler reiterates overweight rating.
Amazon (AMZN) hikes starting wage to $18 an hour and plans to hire 125,000 workers in US for warehouse and transporation.
Johnson & Johnson (JNJ): Ebola vaccine showed immune responses, citing data from Lancet-Reuters.
Walmart (WMT) is investigating a fake statement regarding its acceptance of Litecoin-Reuters.
Intuit (INTU) to buy Mailchimp for about $12 billion.
Wynn Resorts (WYNN) and Las Vegas Sands (LVS) both down 6% premarket. There is talk of potentially increased regulation in Macau.
Lucid (LCID) down 5% premarket as Morgan Stanley starts coverage with an underweight rating.
Opendoor (OPEN) down 5% on secondary offering of stock.
Herbalife Nutrition (HLF) down 9% on revised Q3 guidance.
Hyzon Motors (HYZN) up 2% premarket on truck order from Ark Energy-Benzinga.
Source: Benzinga Pro