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🥇 Out With The Gold, In With The New
Gold sees its biggest daily decline in years. Plus, bulls, bears and dead cats, oh my!
Brooks Dyroff
April 22, 2024
Happy Monday, Zingernation! The market has a well-documented affinity for animals: Bulls, bears, hawks, doves and… dead cats? Yes, today, the market may have experienced a “dead-cat bounce”, a term which here means a bearish market that bounces, giving bulls false hope. According to SoFi, the name comes from the fact that even a dead cat will bounce if it’s dropped from a certain height. I guess the market has an affinity for gallows humor too.
Now, it’s too early to tell if today’s positive action was indeed a dead-cat bounce or the start of a new rally. But the way the market’s been trading the past couple of weeks, I’ll take any kind of bounce we can get.
–Aaron Bry and Nic Chahine
Today’s Price Action:
$SPY: +.92%
$QQQ: +1.01%
$DIA: +.68%
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TODAY’S MOST VOLATILE STOCKS
TODAY’S TOP STORY
Briefly: Gold prices declined more than 3% today, closing below $2,350, its most significant decline since June 2022.
What Happened: After hitting a new all-time high last month, market sentiment toward the precious metals have turned cautious as geopolitical risks wane and several key reports loom.
What Else: Silver, closely associated with gold, experienced an even sharper downturn, plummeting by 5.1% — its most substantial drop since last October.
Why It Matters: Traders await economic data releases scheduled for this week, which could fuel greenback demand, including the advance estimates of U.S. gross domestic product growth for the first quarter on Thursday and the pivotal March PCE price index, the Fed’s favored inflation gauge.
Click here to read more.
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FIVE MOVERS
Spotify shares moved slightly lower in today’s session ahead of the music-streaming giant’s earnings report due tomorrow morning.
Western Alliance Bancorp stock edged higher in today’s session as investors scooped up shares of the bank following a strong earnings report.
United Healthcare slid today as the CEO prepares to testify to Congress regarding the cyberattack that impacted the insurance giant.
Agba exploded today, with its stock closing up nearly 100% following news that the technology company is set to merge with Triller.
Tesla shares closed down more than 3% today after the leading EV company reported yet another price cut on its vehicles.
ONE TRADE IDEA NEXT WEEK
Briefly: BofA Securities analyst Justin Post reiterated a Buy rating on Amazon with a price target of $204.
So Basically: Post expects Amazon’s first-quarter earnings to reflect positive trends with a revenue forecast of $143 billion, closely aligning with market expectations.
So Then: The focus will be on potential upside from AWS and advertising and, according to the analyst, a possible retail segment outperformance.
Specifically: For AWS, a quarter-over-quarter growth of $545 million and a 16% year-over-year increase are likely slightly ahead of the market’s 15% expectation, says the analyst, adding operating profit will likely hit $11.5 billion, below other analysts’ prediction of $12 billion.
So What? Looking ahead to the second quarter, Post adjusted revenue expectations by $1.5 billion to $149.9 billion, considering the recent U.S. dollar depreciation and potential demand shifts due to seasonal sales events.
Click here to read more.
PRESENTED BY NURP
Nurp is transforming the way everyday investors like you trade on the financial markets. Bringing precision trading and investing technology to market, Nurp is setting the stage for the future of invest-tech.
Nurp’s flagship product, the Algorithmic Trading Accelerator, features 4 trading algorithms — with a 5th one in the works — allowing users to trade around the clock with minimal human intervention on multiple financial markets, diversifying their portfolios and making Wall Street jealous with each monthly statement.
Currently working in the gold and forex markets, Nurp is expanding into the cryptocurrency market with our latest trading algorithm in the works.
Revolutionize your trading experience with Nurp, the future of invest-tech. Nurp brings cutting-edge precision to your investments, making it simpler for everyday investors to navigate the complexities of the financial markets.