Stock markets improved over the past hour of trading, with major indexes falling from the day’s lows. Investors have jumped into Bitcoin-related stocks as the price of Bitcoin soared.
X
The Dow Jones Industrial Average fell 0.4%. The Nasdaq, which had fallen as much as 1.7%, narrowed its decline to 1.2%. On the day, the S&P 500 fell by 0.8%.
All three major indexes were firmly above their 50-day moving averages. The small-cap Russell 2000 rose 0.2% on Friday after forcefully regaining its 200-day moving average.
Volume increased on the New York Stock Exchange and Nasdaq during the same period on Friday.
Invesco QQQ Trust (QQQ) was linked to the Nasdaq 100, which fell 1.4%. Innovator IBD 50 ETF (FFTY) pulled back 1.6%. The yield on the 10-year US Treasury note also increased by 4 basis points to 4.29%.
Factory orders in October decreased by 3.6% compared to September, compared to the expected decrease of 2.6%. According to Econoday.on tuesday we Ministry of Labor job information for October Data and final November PMI numbers. Weekly jobless claims will be released on Thursday, but more importantly, on Friday all eyes will be on November’s jobs report.
Stock market movements: Palantir sinks due to contract concerns
Palantir Technologies (PLTR) has since fallen more than 8%. William Blair analysts foresee potential headwinds This comes after a U.S. Army presentation last week suggested Palantir’s renewal contract could be lower than its original contract. Government cybersecurity stocks fell below their 21-day exponential moving average in heavy trading Monday and are 8% below their buy point of 20.24. That triggers a sell signal.
Chinese game company NetEase (NTES) is below its 50-day line and on pace for a seven-day losing streak. The decline triggered a sell signal. The stock has fallen from its 52-week high on November 20 after the company announced strong third-quarter results on November 16.
meta platform (meta) is also below its 50-day average but is trying to get back on track.
Bitcoin stocks soar
coinbase global (coinAccording to MarketSmith pattern recognition, Bitcoin price has broken above $42,000 for the first time since April 2022, leading to a massive spike in volume. Coinbase stock is more than 20% above a buy point of 114.43, according to MarketSmith pattern recognition. Therefore, investors can make some profits, especially when the stock price retreats from its initial high.
Other stocks that could benefit from Bitcoin’s rise include: micro strategy (MSTR) and virtual currency mining technology company marathon digital (Mara). MicroStrategy, the largest corporate holder of Bitcoin, broke through the cup-with-handle-based buy point profit zone at 449.49 a month ago and is currently clearing resistance around 535.
spotify (spot) The gap arose after the music streaming service announced in a staff memo on Monday: An additional 17% of its workforce, or approximately 1,500 people, will be laid off.. This is the third time this year the company has reduced its workforce. The stock is approaching the flat-based 20% profit zone with a buy point of 167.74. The stock hit a 52-week high on Monday.
Uber Technologies (Uber) rose nearly 5% on news that the ride-hailing company will join the S&P 500 index as part of a quarterly rebalancing on Dec. 18. The stock is in a double-bottom profit zone with a buy point of 49.19 points.
alaska airline group (alk) plummeted on news that the airline had agreed to a takeover Hawaiian Holdings (C) acquired for $1.9 billion and assumed debt of $900 million. This move pushed Alaska Airlines stock below its 50-day line, triggering further sell signals.
Hawaiian was a massive 188% hit.
Application to science (SAIC Motor) The gap widened after the company’s October quarter results were mixed. Adjusted profit increased, but sales decreased. The government technology services provider raised its full-year 2024 revenue outlook in its earnings release. The revised guidance exceeded expectations.
Stock Shakers: Online Auto Retailer Race
Carvana (CVNAShares rose 15% after JPMorgan upgraded the online used car retailer from underweight to neutral and raised its price target from 25 to 40.
general motors (GM) rose 2.6% after Mizuho raised the price from 38 to 42 and upgraded it from neutral to buy.
IBD50 stock fluence energy (FLNC) Ross MKM upgraded the stock from Neutral to Buy and raised its price target from 27 to 31, pushing the stock up more than 4%. This follows several other analysts raising their price targets last week. The stock is sitting near a lopsided double-bottom buy point at 28.14.
In other stock market news, virgin galactic (space) plunged 14% following news of founder Richard Branson’s comments. I won’t spend any more money Joined a space travel company.
For more stock market news on X/Twitter, follow Kimberly Koenig @IBD_KKoenig.
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