Happy Thursday Zingernation! Back when GameStop and AMC were doubling in price every day, things got a little wild. But I’m thinking this time the market has really gone bonkers. Redditors are now turning to this boring old stock over NVIDIA and AMD. 

-Aaron Bry and Nic Chahine

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And, crypto is so back. Billions of dollars are flowing into the new Bitcoin ETFs, driving prices to near all-time highs. Join thousands of engaged readers of Future Finance - our FREE digital assets newsletter.

MARKET SNAPSHOT

Yesterday: Was one of those days that could make you sick unless you’re a Six Flags veteran. The rollercoaster ride took us from the red, way up into the green, and then back down into the red right before the close.

On Our Radar: Initial jobless claims and U.S. productivity numbers are out before the open. Then, we’ll hear from Apple, Coinbase, DraftKings, and more after the close.

Plus: Looking to learn more about options? Join options masters Chris Capre and Matt Maley TONIGHT at 6:00 PM EST! Click here to claim your free ticket.

TOP STORY

Powell Keeps Hawks At Bay, Says Interest Rate Hike 'Unlikely'

In Short: Federal Reserve Chair Jerome Powell emphasized the need to allow more time for restrictive monetary policies to bring inflation toward the Fed’s 2% goal yesterday while reassuring markets that the Fed’s policy stance remains appropriate, pushing back fears of rate hikes.

Quoted: “The inflation data received so far this year have been higher than expected,” Powell said. He added that it might take longer than previously expected for officials to gain confidence in disinflation.

Rate Hikes? Addressing concerns about potential rate hikes due to recent inflationary pressures, Powell said: “I think it’s unlikely that the next policy rate move will be a hike. We’d need to see persuasive evidence that our policy stance is not sufficiently restrictive to bring inflation sustainably down to 2% over time. That’s not what we think we’re seeing.”

The Result: Market participants interpreted Powell’s remarks as less hawkish than feared, which sparked a relief rally in stocks and gold.

Click here for the full scoop.

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FIVE ZINGERS

ZZZs for Zillow: Investors were feeling a little sleepy after Zillow’s Q1 report, which sent the stock lower by more than 7%.

Called Out: Peter Schiff called out Jerome Powell for not seeing the “stag” in “stagflation.” Here are the gold bug’s full comments.

99 Problems: But my Bitcoin ain’t one. Here’s why one crypto analyst believes Bitcoin will surge by at least 99%.

Back From The Dead: Carvana’s stock rallied more than 30% after the car seller’s earnings report and is now up around 2000% from its lows at $4.

Getting Roasted: Starbucks shares closed down more than 10% after the coffee company reported worse-than-expected earnings.

ONE FOR THE ROAD

Coinbase Q1 Earnings Preview

What’s Happening: Coinbase is set to report Q1 earnings after market close today. Analysts expect first-quarter revenue of $1.34 billion, according to data from Benzinga Pro.

Great Expectations: Coinbase has beaten revenue estimates from analysts for five straight quarters. Analysts expect the company to report earnings per share of $1.00 for the first quarter, compared to a loss of 34 cents in last year's first quarter. Coinbase has also beaten earnings per share estimates in four of the last five quarters.

The Details: JPMorgan analyst Kenneth Worthington expects Coinbase to post subscription and services revenue of $450 million. The analyst also sees Base, Coinbase's Layer 2 platform, contributing more meaningfully in the quarter at around $20 million in net revenue. He noted that the first quarter was an “eventful quarter for the cryptoecosystem."

Watch And Wait: The biggest item likely watched by those looking at Coinbase will be the impact the approval and launch of Bitcoin ETFs had on the company in the first quarter.

Click here to read more.

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