🔴 WATCH LIVE: Stock Market Today | June 22, 2021 – Here’s What You Need To Know:
Last week, stocks had their worst week in 9 months, and yesterday, we saw a massive comeback rally. Will the rally continue today, or was that just a “dead cat bouncing?”
Here’s what is happening in the markets today, Tuesday, June 22nd.
First, let’s take a look at yesterday first:
The Dow jumped 586 points, or nearly 1.8%, to start the week.
The S&P 500 gained 1.4%, sitting within 1% of its record high.
The Nasdaq was Monday’s relative underperformer with a 0.8% advance.
And this morning, futures markets are pointing to a slightly higher start again.
This afternoon, Fed Chairman Jerome Powell goes before Congress to testify, and investors will be looking for more clues on policymakers’ inflation outlook boost and indications of two rate increases in 2023. It’s a prepared testimonial, so there shouldn’t be too many surprises. Powell’s testimony begins at 2 p.m. ET.
Bitcoin dropped another 3% yesterday and is now trading under $31,000! And that’s all because of China’s crackdown on cryptocurrency mining. Reason for the crackdown: “control financial risks and energy consumption.” Bitcoin has plunged more than 50% from its all-time high in April near $65,000.
GameStop (GME) is on the move again. They are capitalizing on the high price by offering 5 million common shares, raising $1.126 billion. Up almost 7% in premarket trading.
It doesn’t work for all companies: MicroVision (MVIS) slid 10.8% in the premarket after the company said it would sell up to $140 million of stock “from time to time” and use the funds for general corporate purposes.
Another Meme stock: Torchlight Energy Resources (TRCH) is up 4.9% in premarket trading after soaring 58% in Monday’s trading. The oil and gas producer is among the stocks getting increased social media attention on sites like Reddit and Stocktwits.
Lordstown Motors (RIDE) remains on watch today following a 5.5% Monday drop. Yesterday, they started “Lordstown Week”. And the new CEO Angela Strand said yesterday the company is “evaluating strategic partners” as part of its search for new funding.
Supply Chain Issues: As shipping costs skyrocket, so have the stocks that are dominant in the industry. Shares of Danaos (DAC), Global Ship Lease (GSL) and ZIM (ZIM) are up 1,700%, 370% and 278% over the past year.
More than 70,000 people want Jeff Bezos to stay in space.
This wraps up today’s stock market news.
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