A refreshing dose of optimism swept through markets early this week. US stocks continued to flourish under the prospect of incoming trade deals and interest rate cuts, pushing the Dow Jones 400 points higher during yesterday's session. The index would only need to gain another 520 points to equal its record high close established back in December last year. Over in the S&P 500 and Nasdaq Composite, results were more of a mixed bag. The potential for a wider market rally is causing some investors to rotate out of the major tech stocks and back into stocks more reflective of the underlying economy. Indeed, the Russell 2000 index, which tracks smaller stocks, rose over 1% yesterday. The tech-heavy Nasdaq meanwhile lost 0.8% as Nvidia (NVDA), Meta Platforms (META) and most notably, Tesla (TSLA) all experienced a decent step down. The car maker's share price fell 5% yesterday following a disagreement between Musk and Trump concerning the recent spending bill.
Not much to report on the Dollar front. The DXY continued its descent into the abyss yesterday, briefly falling below 96.4 at one point and showing very little sign of life. A weaker Dollar helped gold push back up to $3,338 an ounce by Tuesday's close, while silver and platinum are once again being ignored by precious metals traders.
Crypto markets are relatively still this week, in contrast to several crypto company stocks. On Monday, Robinhood Markets (HOOD) announced that it had launched tokenised stock trading on its platform for all clients within the European Union. This sets the stage for 24/7 stock trading within the next few months, according to co-founder and CEO Vlad Tenev. Shares in the company shot up 13% on Monday and are up a staggering 140% since the start of the year. The race is on to deploy the same offerings in the US, and while the SEC has apparently showed willing, the pieces are not quite in place to roll out the same options for US clients as of yet. Things were not so rosy over at Coinbase (COIN) unfortunately, which experienced significant selling pressure after Ark Invest unloaded $95 million worth of shares as part of a portfolio rebalancing measure. Despite the selloff in recent days, Coinbase is still up 30% this year – a testament to the changing fortunes in the beleaguered industry.
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