Happy Thursday Zingernation! J Pow was doing his thing yesterday… and I’m not talking about vibing at a Dead & Company show, which he is known to do.

Pumpin’ Powell was back in full force. If you look at the chart of $SPY yesterday, you can see right when he started his testimony to Congress at 10 am ET. Hey Siri, remind me to buy calls next time Powell’s speaking. Oh wait, that’s today at 9:40 am ET. What could go wrong?

Before we dive in, check out today’s partner that’s making options trading easier than ever.

And, did someone forward you this email? Click here to subscribe to this Benzinga newsletter and more.

MARKET SNAPSHOT

Yesterday: Powell’s magic words helped propel the overall market close to all-time highs. Then a sell-off hit in the afternoon. Still, all major indices closed in the green in a strong day for bulls.

On Our Radar: Initial jobless claims out before the open and then J Pow will continue his congressional testimony at 9:40 am ET. It should be another day with ample volatility, let’s make it count!

TOP STORY

Cathie Wood's Ark Invest Sells Over $48M Of Coinbase Shares And Seizes The Tesla Dip

Briefly: Cathie’s back at it again, selling shares of Coinbase and using the proceeds to buy the dip on Tesla.

Basically: Wood took advantage of Bitcoin and Coinbases’s recent rallies, selling more than 200,000 shares of $COIN from her different ARK ETFs.

Why It Matters: Ark Invest’s decision to offload a substantial portion of its Coinbase holdings comes at a time when the cryptocurrency market, particularly Bitcoin, is experiencing unprecedented attention.

Buy The Dip: While many investors have been scared of Tesla, Wood is buying the dip. This investment decision reflects Ark’s belief in Tesla’s long-term growth trajectory, particularly in the context of the evolving automotive landscape.

Learn More: Check out all of Cathie’s moves here.

PRESENTED BY CBOE

FIVE ZINGERS

Disturbia: A Microsoft engineer is speaking out on the company’s AI Copilot, and said it’s been producing “disturbing” images that violate responsible AI principles.

Dog Fight: Is this crypto or a Jack London novel? The different dog-themed cryptos are all going after each other to woo investors.

Tech Tech Revolution: It’s not just NVIDIA. Jim Cramer said all of these names could benefit from the tech revolution that is AI.

Battle Royale: Apple and Fortnite maker Epic Games are still going at it. Here’s the latest in the feud.

Finally Bullish: Rich Dad Poor Dad author Robert Kiyosaki has called for multiple market crashes… but now he’s calling for a huge rally in $BTC.

ONE FOR THE ROAD

Warner Bros. Is Jumping On The Password Sharing Crackdown

Basically: Warner Bros. Discovery has confirmed its plans to enforce a strict policy against password sharing for its Max streaming service. This move follows similar actions by industry giants like Netflix and Disney.

What Happened: On Monday WBD’s CEO and president of global streaming and games, JB Perrette, revealed the company’s intentions at the Morgan Stanley Technology, Media, and Telecom 2024 conference.

The Details: Perrette stated that WBD sees the password-sharing crackdown as a “growth opportunity” and will be implementing it later this year. However, he did not provide specific details on how the password crackdown would be implemented or whether it would extend to its Discovery+ streaming service.

Zooming Out: This decision aligns with the strategies of other streaming services. Netflix, Hulu, YouTube, and Disney+ implemented similar policies. Netflix experienced a significant increase in subscribers after implementing similar measures.

What Next: Check out the full story here.

PRESENTED BY CBOE