Commodities & Agriculture:
This morning, OIL prices were higher as the possibility of even tighter supply loomed over the market. The Group of Seven (G7) nations pledged to put further pressure on Russia, which also helped drive up prices.
Cryptocurrencies:
The bulk of the top 10 cryptocurrencies experienced losses this morning, sending the cryptocurrency market into the red. When this article was written, Bitcoin was trading above $20,000 and was down about 2%. Cardano fell by about 3 percent, XRP fell by about 4 percent, and Ethereum fell by about 2 percent as well.
During Market hours on Yesterday (Monday – 27.06.2022):
- The Dow (Symbol: DIA) went down -0.21%. The S&P 500 (Symbol: SPY) lost -0.38%. and the Nasdaq (Symbol: QQQ) fell -0.73%.
- Robinhood (Symbol: HOOD) — Robinhood surged +14% on Monday, with trading briefly halting, after a Bloomberg News report said crypto exchange FTX was considering acquiring the trading platform. Robinhood declined to comment.
- Coinbase (Symbol: COIN) — Shares of the cryptocurrency exchange fell -10.8% after Goldman Sachs downgraded it to sell from neutral, highlighting the pressure that cryptocurrency prices are putting on Coinbase’s exchange business and saying the company needs to reduce costs to slow its cash burn.
- BioNTech (Symbol: BNTX) — Shares of the biotechnology company jumped +7.2% following news that its Covid-19 booster shots with Pfizer to combat omicron, improved immune response to the variant.
- AutoZone (Symbol: AZO) — Shares of AutoZone rose +0.5% after Goldman Sachs upgraded the stock to a buy from a neutral rating and said the company is “defensively positioned” to weather the current environment.
- Etsy (Symbol: ETSY) — Shares dropped -3.6% following a downgrade from Needham. Analyst Anna Andreeva lowered the rating to hold from buy, saying Etsy’s business will suffer from rising inflationary pressures.
During Premarket hours today (Tuesday – 28.06.2022):
- Nike (Symbol: NKE) — Nike fell -2.4% in premarket trading despite reporting better-than-expected quarterly profit and revenue. The athletic apparel and footwear maker forecast current-quarter revenue below analysts’ estimates amid increased promotional activity and ongoing disruptions in its profitable Chia market.
- Occidental Petroleum (Symbol: OXY) — Occidental Petroleum gained +4% in premarket trading after Berkshire Hathaway (BRK.B) revealed additional purchases of Occidental Petroleum shares, increasing its stake to 16.4%.
- Robinhood Markets (Symbol: HOOD) — Robinhood fell -3.7% in premarket action after FTX CEO Sam Bankman-Fried threw cold water on a Bloomberg report that FTX might be interested in buying the trading platform company. Bankman-Fried told CNBC that although he is impressed by Robinhood and has been excited about potential partnerships, there are no active M&A talks taking place.
- Snowflake (Symbol: SNOW) — Snowflake gained +3.4% in premarket action after Jefferies upgraded the cloud computing company’s stock to “buy” from “hold.” Jefferies likes Snowflake’s growth potential and noted its “rock solid” fundamentals and “near flawless” execution. Snowflake had gained more than 32% during a five-session win streak before retreating 2.2% yesterday.
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