Stocks Slump as Bitcoin Approaches $68K; Gold Closes at Record

Published

8 months ago

22 May, 2024

Blocksight Staff

Stocks Slump as Bitcoin Approaches $68K; Gold Closes at Record

Equity Indexes Wrap: Chip Stocks Extend Rally; Apple and Tesla Tumble

March 04, 2024 04:16 PM EST

The Dow

Intel (INTC) was one of several semiconductor stocks that soared Monday, gaining 4.1%.

Boeing (BA) ticked up 0.3% after American Airlines placed an order for 260 planes, including 85 Boeing 737 Max 10s.

Apple (AAPL) tumbled 2.5% after it was fined 1.8 billion euros ($2 billion) by EU regulators over its App Store practices.

Healthcare stocks lagged, with Merck (MRK) falling 2.3%, UnitedHealth Group (UNH) dropping 1.6%, and Johnson & Johnson (JNJ) slipping 1.4%.

The S&P 500

Gold miner Newmont Corp. (NEM) rose 5.6% as gold futures surged to a record high.

Morgan Stanley (MS) gained 4.2% as it launched a pre-IPO trading service.

Ford (F) gained 2.2% after it said U.S. vehicle sales increased 10.5% on a year-over-year basis in February.

American Airlines (AAL) fell 5.4% after ordering 260 planes from Boeing, Airbus, and Embraer. It also forecast that 80% of revenue in 2024 will come from loyalty program members and customers buying premium tickets.

The Nasdaq 100

Nvidia (NVDA) led the semiconductor rally, rising 3.6% after gaining 4% on Friday. Qualcomm (QCOM) and Advanced Micro Devices (AMD) added 2.1% and 1.3%, respectively.

Tesla (TSLA) tumbled 7.2% after preliminary data suggested it shipped fewer cars from its Shanghai factory in February than in any month since December 2022.

Entertainment companies Warner Bros. Discovery (WBD) and Paramount Global (PARA) fell 6.5% and 5.9%, respectively.

Alphabet (GOOGL) slid 2.8%.

Tesla Stock Slumps on Falling Shipments in China

March 04, 2024 03:41 PM EST

Tesla Inc. (TSLA) shares slumped Monday after new sales data showed deliveries from its Shanghai Gigafactory at their lowest level in a year as domestic competition heated up.

The automaker delivered 60,365 vehicles from its China factory in February, according to preliminary data from China’s Passenger Car Association (CPCA) on Monday. That marked the lowest level since December 2022 and was 16% lower than in January.

Vehicle sales are prone to a seasonal slowdown in China around the Lunar New Year early each calendar year, but the latest figures come amid a backdrop of slower electric vehicle (EV) sales and increased competition in the country.

Tesla is also facing stiff competition from domestic EV rivals such as the Warren Buffett-backed BYD (BYDDY) and Xpeng Inc. (XPEV).

Tesla shares were off 6.7% at $189.06 late in the session on Monday, with the stock now down about 24% year-to-date.

–Kevin George

Nvidia Leads as Semiconductor Stock Rally Continues

March 04, 2024 02:44 PM EST

Shares of semiconductor companies climbed Monday, extending Friday’s rally on the back of Dell’s better-than-expected earnings report.

Nvidia (NVDA) shares were up more than 5% Monday afternoon, while American Depositary Receipts of contract chipmaker Taiwan Semiconductor Manufacturing Co. (TSM) climbed nearly 4%. Advanced Micro Devices (AMD), which gained 9% last Thursday and 5% on Friday, rose another 2%.

Chip stocks were given a boost last Friday when Dell (DELL) beat earnings expectations, citing robust demand for AI-optimized servers.

Sea Limited Gets a Boost From Its E-Commerce and Financial Services Units

March 04, 2024 02:15 PM EST

American Depositary Receipts (ADRs) of Sea Limited (SE) gained Monday after the Southeast Asian consumer internet company posted better-than-expected results on higher sales at its e-commerce and digital financial services units.

The Singapore-based firm reported a fourth-quarter loss of $0.19, with revenue increasing 4.8% to $3.62 billion. Both were above forecasts. Full-year net income came in at $162.7 million, its first annual profit since going public in 2017.

Quarterly sales at the company’s Shopee online shopping site rose 23.2% to $2.6 billion, and they were up 24.3% to $472.4 million at its SeaMoney financial services platform. Revenue slumped 46.2% to $510.8 million at its Garena digital entertainment business.

Sea Limited ADRs were up about 5% at $53.54 Monday afternoon but down about 18% over the past year.

–Bill McColl

TradingView

Apple Fined Nearly $2B by EU Over App Store Practices

March 04, 2024 01:11 PM EST

The European Union (EU) fined Apple (AAPL) around $2 billion (1.8 billion euros) for “abusive App store rules for music streaming providers” in a move that the iPhone maker says could bolster Spotify (SPOT).

The European Commission said in a press release Monday that it fined the company for violating EU antitrust rules and that Apple “abus[ed] its dominant position on the market for the distribution of music streaming apps to iPhone and iPad users (‘iOS users’) through its App Store.

The iPhone maker based in Cupertino, California responded that it intends to appeal the EU’s decision, which it said would bolster the already dominant position of Swedish company Spotify.

The fine comes ahead of the Digital Markets Act (DMA) going into effect on March 6. The new law regulates big tech companies to promote competition, consumer choice, and innovation in the EU. Apple, which the Commission has designated as a “gatekeeper,” has already made changes to some of its systems, including the App Store and Apple Pay, to comply with the DMA.

Apple shares were down about 3.2% at $173.84 Monday afternoon. Spotify shares, meanwhile, were up 1.8% at $268.36, their highest price since November 2021.

–Naomi Buchanan

BofA Raises S&P 500 Year-End Target to Highest on Wall Street

March 04, 2024 12:16 PM EST

Bank of America’s betting that the good times are ripe to continue for the S&P 500—in the long run, anyway.

The bank on Sunday raised its year-end target for the index to 5,400 from 5000, implying a 5% upside from Friday’s close.

The new target makes BofA one of the most bullish major international firms on Wall Street. Its target matches that of UBS, which became the Street’s most optimistic firm when raised its target last month.

BofA’s U.S. Equity and Quantitative Strategy lead Savita Subramanian said in a note that swings in interest rates and inflation haven’t hurt margins, with earnings surprising to the upside. Companies, she said, have shifted their focus to productivity, and as a result, there is an upside to the firm’s 2024 EPS forecast of $235.

In support of BofA’s bullish thesis is the observation that pension fund allocations to public equities are still at 20-year lows. Additionally, the euphoria that typically signals the end of a bull market, analysts say, is currently “thematic and secular.” The bull market has room to “broaden beyond” the themes of artificial intelligence and weight-loss drugs.

There are caveats, however. A small pullback is likely “after four months with no meaningful drop.” Plus, Subramanian wrote, “our bullish conviction has cooled since publishing our 2024 Outlook [in November] amid improving sentiment across Wall Street.”

–Christiana Sciaudone

JetBlue, Spirit Airlines Terminate $3.8 Billion Merger, Spirit Stock Skids

March 04, 2024 11:33 AM EST

JetBlue (JBLU) and Spirit Airlines (SAVE) have called off their $3.8 billion proposed merger after regulators blocked the deal.

Spirit Airlines stock fell 15% Monday morning, while shares in JetBlue were trading almost 4% higher.

The deal, announced in July 2022, would have created the fifth-largest carrier in the United States and that brought antitrust scrutiny from regulators. A federal judge ruled against the airlines at the beginning of this year.

While the companies said they still believed in the merits of the transaction, they are giving up on the merger since they won’t be able to acquire the necessary approvals by the July 2024 deadline. JetBlue will pay Spirit $69 million to settle the termination of the deal.

With Monday’s decline, Spirit Airlines shares have lost more than 70% of their value since the merger was first announced.

–Kevin George

TradingView

Super Micro Computer Stock Jumps on S&P 500 Inclusion

March 04, 2024 10:46 AM EST

Shares in Super Micro Computer (SMCI) jumped more than 20% in premarket trading Monday following an announcement that it will be included in the large-cap S&P 500 Index.

Super Micro and Deckers Outdoor Corp. (DECK) will nudge out whitegoods maker Whirlpool (WHR) and regional bank Zions Bancorporation (ZION) from the blue-chip index, with the changes taking effect before the start of trading on March 18, according to S&P Global.

The San Jose, California company, whose stock price has more than tripled since the start of the year, has seen its market capitalization surge to more than $50 billion amid an AI-fueled buying frenzy.

Source: TradingView.com.

Super Micro shares have remained in a steady uptrend since the 50-week moving average crossed above the 200-week moving average in May 2020 to generate a golden cross buy signal. Impressively, the few retracements the stock had in 2023 didn’t manage to reach the 50-week moving average, highlighting the uptrend’s strong momentum.

More recently, gains have accelerated on above-average volume after the price broke above a period of four-month consolidation in the form of an ascending triangle—a chart pattern that suggests a continuation of the current longer-term trend. If the stock sees a wave of profit-taking, monitor the $300 to $350 level where a pullback may find support from the triangle’s top trendline and rising 50-week moving average.

–Timothy Smith

Macy’s Buyout Offer Jumps to $6.6B as Arkhouse and Brigade Raise Their Bid

March 04, 2024 10:03 AM EST

Macy’s (M) shares surged 16% in early trading Monday after the investor group whose previous offer for the embattled department-store chain was rejected raised its bid by nearly $1 billion.

Real estate-focused Arkhouse Management and asset manager Brigade Capital Management said Sunday that they are now offering to acquire the Macy’s stock they don’t already own for $24 a share, or $6.6 billion—up from December’s $21-per-share offer that valued the retailer at around $5.8 billion and 33% higher than the shares’ $18.01 close on Friday.

Arkhouse remains “open to increasing the purchase price further subject to the customary due diligence,” Managing Partners Gavriel Kahane and Jonathon Blackwell said in a statement. Outlining financing plans, Kahane and Blackwell said they were backed by investors Fortress and OneIM.

Macy’s board said it will review and evaluate the latest proposal.

–Fatima Attarwala

Stocks Making the Biggest Move Premarket

March 04, 2024 09:23 AM EST

Gains:

Super Micro Computer Inc. (SMCI): Shares of the data center company jumped 16% after S&P Dow Jones Indices said it would be added to the S&P 500 effective March 18. Shoe company Deckers Outdoor Corp. (DECK), which was also named to the index, rose about 5%.

Macy’s Inc. (M): Shares climbed more than 14% after investors Arkhouse Management and Brigade Capital, who offered to buy the department store for $21 per share in December, raised their takeover offer price by nearly $1 billion.

Coinbase Global Inc. (COIN): Shares of the cryptocurrency exchange jumped 6% as the price of Bitcoin climbed above $65,000 for the first time since 2021.

Losses:

Li Auto Inc. (LI): Shares of the Chinese carmaker fell more than 7%, extending losses from Friday when it unveiled its first full-electric car with a slightly higher price tag than analysts were expecting.

Apple Inc. (AAPL): Shares of the iPhone maker slipped nearly 2% after the European Union fined the company 1.8 billion euros ($2 billion) over its treatment of music streaming apps that compete with its Apple Music.

Zions Bancorp. (ZION): Shares of the regional lender slipped about 1% after it was bumped from the S&P 500 to the mid-cap S&P 400 by Super Micro Computer. Whirlpool (WHR) also slid 1% after getting the boot.

Stock Futures Dip Before Markets Open

March 04, 2024 08:36 AM EST

Futures contracts connected to the Dow Jones Industrial Average were down 0.4% in premarket trading on Monday.

S&P 500 futures slipped about 0.1%.

Nasdaq 100 futures were little changed about an hour before markets opened.

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Ether Drops Further After ETF Launch

Published

6 months ago

23 July, 2024

Blocksight Staff

Bitcoin Surpasses $66,000 Thanks to Strong ETF Flows

Key points

Spot ether ETFs began trading in the U.S. today, with the funds initially having more than $10 billion in collective assets under management.
Analysts expect the launch of spot ether ETFs to have a net negative impact on the underlying price of ether in the near term, due to expected outflows from the pre-existing Grayscale Ethereum Trust.
Spot Bitcoin ETFs continue to see strong inflows, with BlackRock’s IBIT alone seeing more than $500 million in inflows on Monday.
Franklin Templeton, a spot ETF issuer on bitcoin and ether, has invested in a project that intends to bring Ethereum technology to Bitcoin.

Nine-point ether exchange-traded funds (ETFs)) started trading on the stock market on Tuesday, but all the optimism ahead of their approval did not translate into gains for the cryptocurrency markets.

Ether (ETH), the native cryptocurrency of the Ethereum blockchain, dropped less than 1% around the $3,400 level as of 1:30 PM ET, while Bitcoin (BTC) fell more than 2% to around $66,000.

Ether ETFs’ Debut Isn’t as Flashy as Bitcoin ETFs’

Spot ether ETFs began trading at just over $10 billion assets under management (AUM)), according to Bloomberg Intelligence analyst James Seyffart, most of that money is in the current Grayscale Ethereum Trust (ETHE) which has now been converted into an ETF.

“In the long term, Grayscale will simultaneously have the highest and lowest fees in the market. The asset manager’s decision to keep its ETHE fee at 2.5% could lead to outflows from the fund,” Kaiko Research said in a note on Monday.

Outflows from ETHE, if they occur, would be similar to those faced by Grayscale’s Bitcoin Trust (GBTC) after spot bitcoin ETFs began trading in January of this year, most likely due to high fees for the two original funds. Grayscale’s existing fund charges 2.5% fees, while a new “mini” ether ETF will charge 0.15% and commissions for other ETFs are set at 0.25% or less.

Such outflows could impact the price of ether and market sentiment.

“There could be a pullback shortly after the launch of Ethereum spot ETFs, i.e. outflows from Grayscale Ether Trust could dampen market sentiment in the short term,” Jupiter Zheng, a partner at Hashkey Capital’s liquid fund, told The Block.

But Grayscale remains optimistic.

“Compared to the splashy debut of spot bitcoin ETPs in January, the launch of ethereum ETPs has been relatively muted,” said Zach Pandl, Grayscale’s head of research, adding that investors may be “undervaluing” ether ETFs that are “coming to the U.S. market in tandem with a shift in U.S. cryptocurrency policy and the adoption of tokenization by major financial institutions.”

Bitcoin ETF Inflows Continue to Rise

As for bitcoin, there is clearly no lack of demand for spot ETFs, such as BlackRock’s iShares Bitcoin Trust (IBITS) recorded its sixth-largest day of inflows in its short history on Monday, at $526.7 million, according to data from Farside Investors. Daily inflows for the overall spot bitcoin ETF market also hit their highest level since June 5.

In particular, asset manager Franklin Templeton, which has issued both bitcoin and ether ETFs, appears to have decided to cover its back when it comes to Ethereum by investing in Bitlayer, a way to implement Ethereum technology on a second-layer Bitcoin network, according to CoinDesk.

Fuente

News

Spot Ether ETFs Start Trading Today: Here’s What You Need to Know

Published

6 months ago

23 July, 2024

Blocksight Staff

Spot Ether ETFs Start Trading Today: Here's What You Need to Know

Key points

Spot ether ETFs will begin trading on U.S. exchanges on Tuesday. Nine ETFs will trade on Cboe BZX, Nasdaq and NYSE Arca.
Ether ETFs offer investors exposure to the price of their underlying assets.
Commissions on these new ETFs generally range from 0.15% to 0.25%.
These ETFs do not provide exposure to Ethereum staking.

The U.S. Securities and Exchange Commission (SEC) has officially approved nine ether spots (ETH)exchange-traded funds (ETFs) for trading on U.S. exchanges. Trading for these new cryptocurrency investment vehicles begins today. Here’s everything you need to know.

What new ether ETFs are starting to trade today?

Spot ether ETFs starting trading today can be found at Quotation, NYSE Arkand Cboe BZX. Here’s a breakdown of each ETF you can find on these three exchanges, along with the fund tickers:

Cboe BZX will list the Invesco Galaxy Ethereum ETF (QETH), the 21Shares Core Ethereum ETF (CETH), the Fidelity Ethereum Fund (FETH), the Franklin Ethereum ETF (EZET) and the VanEck Ethereum ETF (ETHV).

Nasdaq will have the iShares Ethereum Trust ETF (ETHA) created by BlackRock, which also operates the largest spot bitcoin ETF under the ticker IBIT.

NYSE Arca will list the Bitwise Ethereum ETF (ETHW) and the Grayscale Ethereum Trust (ETHE). The Grayscale Ethereum Mini Trust (ETH), which will begin trading on the same exchange.

How does an ether ETF work?

Spot ether ETFs are intended to offer exposure to the price of ether held by the funds. Ether is the underlying cryptocurrency of the Ethereal network, the second largest crypto network by market capitalization.

ETF buyers are buying shares of funds that hold ether on behalf of their shareholders. Different spot ether ETFs use different data sources when it comes to setting the price of ether. Grayscale Ethereum Trust, for example, uses the CoinDesk Ether Price Index.

None of the ETFs launching today include pointed etherwhich represents a potential opportunity cost associated with choosing an ETF over other options such as self-custody or a traditional cryptocurrency exchange.

Ether staking currently has an annual return of 3.32%, according to the Compass Staking Yield Reference Index Ethereum. However, it is possible that the SEC will eventually approve Ether staking held by ETFs.

How can I trade Ether ETFs?

ETFs can simplify the trading process for investors. In the case of cryptocurrencies, instead of taking full custody of the ether and taking care of your own private keysSpot ether ETFs allow investors to purchase the cryptocurrency underlying the Ethereum network through traditional brokerage accounts.

Today, not all brokers may offer their clients spot ETFs on cryptocurrencies.

What are the fees for ether ETFs?

The fees associated with each individual spot ether ETF were previously revealed In the S-1 OR S-3 (depending on the specific ETF) deposit associated with the offerings. These fees are 0.25% or less for all but one.

The Grayscale Ethereum Trust, which converts to an ETF, has a fee of 2.5%. The Grayscale Mini Ethereum Trust has the lowest fee at 0.15%. These fees are charged on an annual basis for the provider’s management of the fund and are in line with what was previously seen with spot bitcoin ETFs.

Brokers may also charge their own fees for cryptocurrency trading.

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News

Kamala Harris Odds Surge Amid $81M Fundraise. What Does It Mean for Bitcoin and Cryptocurrencies?

Published

6 months ago

23 July, 2024

Blocksight Staff

Kamala Harris Odds Surge Amid $81M Fundraise. What Does It Mean for Bitcoin and Cryptocurrencies?

Market odds and memecoins related to US Vice President Kamala Harris have soared as the latest round of donations tied to the Democratic campaign raised $81 million in 24 hours, bolstering sentiment among some traders.

The odds of Harris being declared the Democratic nominee have risen further to 90% on cryptocurrency betting app Polymarket, up from 80% on Monday and setting a new high.

Previously, in early July, bettors were only betting on 8%, but that changed on Saturday when incumbent President Joe Biden announced he would no longer run in the November election. Biden then approved Harris as a candidate.

Polymarket traders placed $28.6 million in bets in favor of Harris, the data showsThe second favorite is Michelle Obama.

Somewhere else, Memecoin KAMA based on Solanaa political meme token modeled after Harris, has jumped 62% to set a new all-time high of 2 cents at a market cap of $27 million. The token is up a whopping 4,000% from its June 18 low of $0.00061, buoyed primarily by the possibility of Harris becoming president.

As such, Harris has yet to publicly comment on cryptocurrencies or her strategy for the growing market. On the other hand, Republican candidate Donald Trump has expressed support for the cryptocurrency market and is expected to appear at the Bitcoin 2024 conference on Saturday.

However, some expect Harris or the Democratic Party to mention the sector in the coming weeks, which could impact price action.

“While he has not yet received the official nomination, there is consensus that last night’s development is in line with current Democratic strategy,” cryptocurrency trading firm Wintermute said in a Monday note emailed to CoinDesk. “Keep an eye on Democrats’ comments on this issue in the coming days.

“The prevailing assumption is that Harris will win the nomination and any deviation from this expectation could cause market volatility,” the firm added.

Fuente

News

Top 30x Cryptocurrency and Coin Presales Today: Artemis Coin at #1, Others Are: BlockDAG, 99Bitcoin, eTukTuk, and WienerAI

Published

6 months ago

23 July, 2024

Blocksight Staff

Top 30x Cryptocurrency and Coin Presales Today: Artemis Coin at #1, Others Are: BlockDAG, 99Bitcoin, eTukTuk, and WienerAI

The cryptocurrency market has seen a lot of growth and imagination lately, with new ventures popping up regularly. A critical pattern in this space is the rise of crypto pre-sales, which give backers the opportunity to get involved with promising projects early on. Artemis is a standout option for crypto investors looking to expand their portfolios amid the many pre-sales currently underway.

Cryptocurrency presales, commonly referred to as initial coin offerings (ICOs), allow blockchain ventures to raise capital by offering their local tokens to early backers before they become available on open exchanges. Investors can take advantage of these presales by purchasing tokens at a lower price. If the project is successful and the token’s value increases, investors stand to receive significant returns.

>>> Explore the best cryptocurrency pre-sales to buy now <<

The Ultimate List of the Top 5 Cryptocurrency Pre-Sales to Invest In

Artemis: The aim of Artemis (ARTMS) will become the cryptocurrency equivalent of eBay or Amazon. The upcoming Phase 4 will see the launch of the Artemis Framework, which will serve as a stage for digital money exchanges where buyers, sellers, specialized organizations and those seeking administration can participate in coherent exchanges.
DAG Block: uses Directed Acyclic Graph technology to increase blockchain scalability.
99bitcoin: operates as a crypto learning platform
WienerAI uses AI-powered trading bots for precise market analysis.
eTukTuk focuses on environmentally sustainable transportation options, such as electric vehicle charging infrastructure.

We have determined that Artemis is the best new cryptocurrency presale for investment after conducting extensive research. It presents itself as the unrivaled cryptocurrency presale choice currently open.

>> Visit the best cryptocurrency pre-sale to invest in now <<

Top 5 Crypto Pre-Sales and Best Cryptocurrencies for Investment Today

Artemis (ARTMS) is attempting to establish itself as the cryptocurrency version of eBay or Amazon. The Artemis Crypto System, which will act as a platform for cryptocurrency transactions, will be launched in Phase 4. Buyers, sellers, service providers, and requesters will all benefit from seamless trading with this system. Customers will be able to purchase things, such as mobile phones using digital money, as well as sell products such as involved bicycles and get paid in cryptocurrency. Additionally, crypto money can be used to pay for administrations such as clinical consultations, legitimate care, and freelance work. Artemis Coin will act as the main currency of the ecosystem, with Bitcoin and other well-known cryptocurrencies from various blockchain networks backing it.

Artemis Coin has increased in price from 0.00055 to 0.00101 from 0.00094. Artemis may be attractive to individuals looking to recoup losses in Bitcoin, as predicted by cryptocurrency analysts. At this point, it seems to present an interesting presale opportunity.

>>> Visit the best cryptocurrency pre-sale to invest in now <<

The world of digital currency pre-sales is an exciting and exciting opportunity that could open the door to game-changing blockchain projects. Projects in this article, like Artemis Coin, offer the opportunity to shape the future of various industries and the potential for significant returns as the industry develops.

However, it is imperative to approach these investments with caution, thorough research, portfolio diversification, and awareness of the risks. You can explore the digital currency pre-sale scene with greater certainty and increase your chances of identifying and profiting from the most promising venture opportunities by following the advice and methods in this article.

>>> Join the best cryptocurrency pre-sale to invest in now <<

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