Tech drags down stocks; gold and silver plummet
Gold and silver sank amid Trump’s plans to nominate reputed inflation hawk Kevin Warsh as the next Fed chair.
The S&P 500 had a losing day but posted weekly and monthly gains. The Nasdaq 100 and the Russell 2000 both ended the day and the week lower, but were up on the month. Tech was once again the worst-performing sector.
Gold and silver suffered their worst losses in decades today amid President Trump’s plans to nominate Kevin Warsh, who has a reputation as an inflation hawk, as the new Fed chair.
Bitcoin fell for the fourth consecutive month, its longest monthly losing streak since 2018. XRP, solana, and dogecoin haven’t posted a positive monthly return since September, while ethereum is on track to have its fifth consecutive monthly red candle.
Stocks that moved higher:
Tesla surged as investors seem to like the idea of a merger with SpaceX.
GameStop gained after CEO Ryan Cohen said he’s hunting for a “big” acquisition.
Singapore-based payment software company TechCreate continued to skyrocket amid an apparent short squeeze.
Deckers soared on record revenue thanks to demand for Hokas and Uggs.
Verizon jumped after its full-year forecast for profit and free cash flow beat expectations and quarterly wireless subscriber growth hit a six-year high.
Stocks that moved lower:
The release of Google’s AI tool that can create playable, copyrighted worlds sent gaming stocks Roblox, Nintendo, Take-Two Interactive, and Unity Software lower.
Despite posting better-than-expected quarterly sales and earnings-per-share figures after the close yesterday, shares of Western Digital slipped.
Bombardier, American Airlines, and Delta Air Lines dipped following Trump’s threats to impose 50% tariffs on Canadian-made aircraft and decertify Canadian-built planes.
Despite reporting an earnings beat this morning, SoFi Technologies traded lower.
