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Wall Street Today | Trump-linked DWAC cools down after short position emerges

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Moomoo Recap US wrote a column · Oct 25, 2021 18:46
Wall Street Today | Trump-linked DWAC cools down after short position emerges
Stocks set to rise as earnings, inflation weighed
Asian stocks looked set to rise Tuesday after a record $S&P 500 Index (.SPX.US)$ close as corporate earnings and progress on President Joe Biden's economic agenda helped sentiment even as the debate over inflation risks intensified.
Australian equities pushed higher, while futures climbed for Japan and were steady for Hong Kong. U.S. contracts advanced. The $NASDAQ 100 Index (.NDX.US)$ outperformed overnight amid a $Tesla (TSLA.US)$ rally to a $1 trillion market value.
Tesla hits $1 trillion market cap for the first time after Hertz says it will buy 100,000 electric vehicles
$Tesla (TSLA.US)$ hit a $1 trillion market cap for the first time after $HERTZ GLOBAL HOLDINGS INC (HTZGQ.US)$ said Monday it would buy 100,000 electric vehicles. News of the deal brought Tesla's stock to a new record high just one trading day after the shares topped $900.
The deal comes more than a year after Hertz filed for bankruptcy protection during the height of the coronavirus pandemic, as demand for travel and rental vehicles dropped.
Facebook shares rise as investors focus on earnings beat and look past whistleblower document dump
$Meta Platforms (FB.US)$ shares rose in extended trading on Monday after the company reported better-than-expected third-quarter earnings while revenue missed estimates. The company announced its plans to break out its Facebook Reality Labs into its own reporting segment starting in the fourth quarter.
Facebook said it expects fourth-quarter revenue of $31.5 billion to $34 billion. Analysts were expecting sales of $34.8 billion.
Trump-linked SPAC cools down after short position emerges
$Digital World Acquisition Corp (DWAC.US)$ pulled back Monday following a wild 846% surge last week after a short-seller said it was betting against the Trump-linked special purpose acquisition company.
Shares of Digital World are trading around $89, or nearly nine times the SPAC's in September. The stock, which had traded as high as $122 earlier in the session and $175 on Friday, slipped Monday afternoon as Iceberg Research said on Twitter that it was short DWAC.
PayPal says it's not looking to buy Pinterest right now, shares jump 6%
$PayPal (PYPL.US)$ said in an update on its website that it is "not pursuing an acquisition of Pinterest at this time." Shares of $Pinterest (PINS.US)$ soared last week after Bloomberg first reported that PayPal may acquire the social media company. PayPal's shares were up more than 3% in morning trading Monday on the Nasdaq stock exchange, while shares of Pinterest were down over 12%.
Tesla is towering over megacap tech in the options market
Tesla, despite reporting earnings on Oct. 20, accounted for eight of the top nine most-traded single stock options on Monday.

In contrast, none of $Meta Platforms (FB.US)$, $Alphabet-A (GOOGL.US)$, $Microsoft (MSFT.US)$, $Apple (AAPL.US)$ or $Amazon (AMZN.US)$ options strikes ranked among the 20 most active in Monday trading.
Mastercard partners with Bakkt to bring cryptocurrency payments to the masses
The companies said the partnership will make it easier for banks, financial-technology firms and merchants to offer and accept crypto payments. Banks and other financial institutions that issue cards through Mastercard will be able to issue cryptocurrency debit or credit cards that let people make payments and earn rewards in bitcoin. Other cryptocurrency assets could follow.
$Bakkt Holdings (BKKT.US)$ shares more than tripled to $30.60. $MasterCard (MA.US)$ shares rose 0.6% to $360.86.
Canadian stocks add $191 billion of value in longest rally ever
The Canadian stock market posted its longest streak of gains ever as a rally in commodities pushed the benchmark higher for a 14th straight session.
The $S&P/TSX Composite Index (.SPTSX.CA)$ rose 0.3% to an all-time high Monday. It has added about C$237 billion ($191 billion) in market value during its recent winning streak, according to data compiled by Bloomberg. U.S. oil prices hit $85 a barrel for the first time since 2014 and metals prices also climbed, fueling Monday's rally. Energy and materials make up about 25% of the Canadian benchmark.
Source: Bloomberg, WSJ, CNBC
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more
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