Wall Street Today: Bitcoin jumps to a six-week high

Moomoo Recap US wrote a column · Jul 27, 2021 09:00

Wall Street Today: Bitcoin jumps to a six-week high

Asian stocks edge up amid caution: markets wrap

Asian stocks made modest gains early Tuesday as traders assessed steep losses in Chinese stocks as well as another record close on Wall Street.

Shares rose in Japan, Australia and South Korea. U.S stock futures were little changed after the S&P 500 hit a new peak, with Tesla Inc. the latest firm to post better-than-expected results. The Nasdaq 100 and Dow Jones Industrial Average also ended at all-time highs.

Tesla tops analysts’ forecast as auto margins widen

$Tesla (TSLA.US)$reported better-than-expected second-quarter earnings, buoyed by strong demand for its electric vehicles as it suggested deliveries this year may exceed its longer-term projections for 50% growth.

Profit at Elon Musk’s electric-vehicle and clean-energy company soared to $1.45 a share on an adjusted basis, the Palo Alto, California-based automaker said Monday. That beat the 97-cent average of analysts’ estimates. The results mark the eighth straight quarter of profit for the 18-year-old company, which now employs about 80,000 people.

Bitcoin jumps to a six-week high

The price of bitcoin jumped to a six-week high Monday, with some investors attributing the rally to short positions being liquidated and speculation that $Amazon (AMZN.US)$may be venturing into digital currencies.

$Bitcoin (BTC.CC)$soared as high as $40,501.70, according to Dow Jones Market Data, reaching its highest level since mid-June. It rose 9% from its 5 p.m. EDT level Sunday. Rival currency Ether jumped 4.8%.

Ad-Tech company AdTheorent nears $1 billion SPAC deal to go public

Advertising-technology company AdTheorent Inc. is nearing a combination with a special-purpose acquisition company to go public in a deal that would value the firm at about $1 billion, people familiar with the matter said.

AdTheorent uses machine learning and data science to optimize advertising and marketing campaigns for its customers. It says it can efficiently target consumers without using sensitive personal data.

New York City-based AdTheorent would merge with the SPAC $MCAP Acquisition Corp (MACQ.US)$, the people said. The deal could be announced as soon as this week.

Facebook creates exec team to work on Mark Zuckerberg’s vision for a digital universe

$Meta Platforms (FB.US)$will create a product team to work on the “metaverse,” a concept related to VR and AR that involves creating digital worlds that multiple people can inhabit at the same time.

Facebook is heavily investing in AR and VR technologies because they offer the company the possibility of controlling its own hardware platform.

“I think we will effectively transition from people seeing us as primarily being a social media company to being a metaverse company,” Facebook CEO Mark Zuckerberg said last week.

Housing boom is over as new home sales fall to pandemic low

Sales of newly built homes dropped in June to the lowest level since the early days of the coronavirus pandemic in April 2020, according to data released by the U.S. Census Bureau on Monday.

Sales of new single family homes fell to an annualized rate of 676,000, 6.6% below May’s rate of 724,000 and 19.4% below the June 2020 level of 839,000. Analysts were expecting new home sales to increase by 3.4% in June.

Jeff Bezos offers Nasa $2bn discount for lunar contract

Jeff Bezos’s Blue Origin has offered to cover $2bn in costs in exchange for being awarded a Nasa contract to help land astronauts on the moon.

In April, Nasa selected Elon Musk’s SpaceX for the programme, citing budgetary constraints. The agency had initially said it would award the contract to two suppliers in order to foster competition.

Blue Origin had led a coalition of companies, dubbed the National Team, in bidding for the contract, which aims to send Americans back to the lunar surface by 2024.

Elon Musk snipes at Apple twice on Tesla earnings call

Tesla CEO Elon Musk sniped at Silicon Valley neighbor Apple twice during a conference call to discuss Tesla earnings on Monday.

The first time, he said that Apple uses more cobalt in its batteries than Tesla did.

The second time, after he referred to “walled gardens,” he fake coughed and mentioned Apple in a reference to challenges to its App Store policies.
$Amazon (AMZN.US)$ $Dow Jones Industrial Average (.DJI.US)$ $Nasdaq Composite Index (.IXIC.US)$ $S&P 500 Index (.SPX.US)$

Source: Bloomberg, CNBC, WSJ, Financial Times

Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more