Market Today: Coinbase Surges Amid Bitcoin Rally, Gold Hits Record High

GuruFocus2023-12-02

The stock market saw a positive trend as major indices edged higher, with investors digesting the latest comments from Federal Reserve Chair Jerome Powell and a slew of corporate news. The technology ...

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The technology ...</p>\n\n<a href=\"https://www.gurufocus.com/news/2131178/market-today-coinbase-surges-amid-bitcoin-rally-gold-hits-record-high\">Source Link</a>\n\n</div>\n","source":"gurufocus_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Market Today: Coinbase Surges Amid Bitcoin Rally, Gold Hits Record High</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMarket Today: Coinbase Surges Amid Bitcoin Rally, Gold Hits Record High\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-12-02 05:06 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.gurufocus.com/news/2131178/market-today-coinbase-surges-amid-bitcoin-rally-gold-hits-record-high><strong>GuruFocus</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The stock market saw a positive trend as major indices edged higher, with investors digesting the latest comments from Federal Reserve Chair Jerome Powell and a slew of corporate news. The technology ...</p>\n\n<a href=\"https://www.gurufocus.com/news/2131178/market-today-coinbase-surges-amid-bitcoin-rally-gold-hits-record-high\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IE00BLSP4452.SGD","symbol_name":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis SGD-H Plus","start_time":0,"source_url":"https://www.gurufocus.com/news/2131178/market-today-coinbase-surges-amid-bitcoin-rally-gold-hits-record-high","article_id":"2388265216","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2388265216","pubTimestamp":1701464782,"columns":[],"sourceInfo":{"source_id":"gurufocus_highlight","name":"GuruFocus"},"weMediaInfo":null,"summary":"The stock market saw a positive trend as major indices edged higher, with investors digesting the latest comments from Federal Reserve Chair Jerome Powell and a slew of corporate news. 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The technology sector experienced a slight uptick, while communication services showed mixed performance. In the commodities market, gold futures soared to record levels, bolstering sentiment among gold bulls.\n\nCoinbase (COIN, Financial) experienced a significant surge, jumping 6.6% as Bitcoin (BTC-USD, Financial) rallied to its highest level since May 2022. The optimism surrounding Bitcoin, fueled by expectations of a potential spot bitcoin ETF and hopes for a Federal Reserve rate cut next year, translated into substantial gains for Coinbase, which marked its largest monthly gain since January.\n\nGold's rally was further propelled by comments from Federal Reserve Chair Jerome Powell, which boosted confidence that the Fed's policy tightening cycle might be over. Powell's remarks suggested a more balanced approach to the risks of under- and over-tightening, hinting at the possibility of rate cuts in the near future. The geopolitical tensions in the Middle East also contributed to gold's ascent, as investors sought safe-haven assets.\n\nDespite a hawkish start to Powell's comments at Spelman College, U.S. stocks managed to recover from initial losses. The tech-heavy Nasdaq Composite (COMP.IND) and the S&P 500 (SP500) both climbed, as the market continued to price in the likelihood of the Fed pausing its rate hikes, with some investors even betting on a rate cut as early as March.\n\nPfizer (PFE, Financial) shares dipped to a new 52-week low following the announcement that its oral weight loss candidate danuglipron would not proceed to late-stage development due to safety concerns. The news sparked interest in other biotech companies with oral weight loss candidates, such as Viking Therapeutics (VKTX, Financial) and Structure Therapeutics (GPCR, Financial), while Eli Lilly (LLY, Financial) and Novo Nordisk (NVO, Financial) remained flat.\n\nAmazon (AMZN, Financial) announced a significant contract with SpaceX (SPACE, Financial) to support the deployment of its Project Kuiper internet satellites, securing three launches on SpaceX's Falcon 9 rocket. This move highlights the ongoing competition in the satellite internet space and Amazon's commitment to its Project Kuiper initiative.\n\nBristol Myers Squibb's (BMY, Financial) new CEO, Chris Boerner, disclosed his first insider purchase of company shares, buying 3,071 shares at $48.86 each. This purchase, which increased his stake by approximately 4%, is seen as a vote of confidence in the company's prospects.\n\nSpeculation arose around Humana (HUM, Financial) after a corporate jet visit to Rogers, Arkansas, sparked rumors of potential interest from Walmart (WMT, Financial) in the healthcare company. The speculation was fueled by historical reports of talks between the two companies and recent travel patterns observed by corporate jets.\n\nArtificial intelligence (AI, Financial)-linked stocks saw gains following positive comments from HP Enterprise's (HPE, Financial) CEO Antonio Neri. The technology sector, including companies like C3.ai (AI) and Palantir (PLTR, Financial), benefited from the bullish sentiment on AI's future potential.\n\nFederal Reserve Chair Jerome Powell reiterated the central bank's cautious stance on interest rates, emphasizing that it is too soon to consider easing policy. Powell's comments countered the market's expectations for rate cuts in the first half of 2024.\n\nWalmart (WMT, Financial) confirmed that it has ceased advertising on the social media platform X, joining other companies like Apple (AAPL, Financial) and IBM (IBM) in finding alternative platforms to reach customers.\n\nThe stock market saw notable movers with Elastic N.V (ESTC), UiPath (PATH), and Bakkt Holdings (BKKT) among the gainers, while Minim (MINM) and Sigma Additive Solutions (SASI) were among the losers. The S&P 500 Information Technology sector recorded a modest increase.\n\nDiamondback Energy (FANG, Financial) emerged as a potential competitor to Occidental Petroleum (OXY, Financial) in the bid for CrownRock, a Permian Basin oil producer, potentially driving up the deal value.\n\nApple (AAPL, Financial) is reportedly in early discussions with Paramount (PARA, Financial) to bundle their streaming services, Apple TV+ and Paramount+, in an effort to address high customer churn rates and enhance affordability.\n\niHeartMedia (IHRT, Financial) and GameSquare Holdings (GAME, Financial) led the gainers in the communication services sector, while Lizhi (LIZI) and GD Culture Group (GDC) faced declines. The sector overall showed a slight downturn.\n\nEquitrans Midstream (ETRN, Financial) saw its shares jump on reports that it is considering a potential sale, with the natural gas pipeline operator working with an adviser to explore options.\n\nStarbucks (SBUX, Financial) experienced a slight decrease amid reports of slowing sales trends, with the company set to present at an upcoming Morgan Stanley conference.\n\nAnalysts weighed in on Tesla's (TSLA, Financial) introduction of the Cybertruck, with Morgan Stanley suggesting it could be the precursor to a range of more conventional-looking electric pickups and SUVs from Tesla later in the decade.\n\nEuropean regulators are seeking additional information from drugmakers like Novo Nordisk (NVO, Financial) and Eli Lilly (LLY, Financial) regarding concerns that certain diabetes and weight-loss drugs may induce suicidal thoughts in some patients.\n\nDell's (DELL, Financial) third-quarter results indicated a downturn in its PC segment, which could have implications for Intel (INTC, Financial) and AMD (AMD, Financial), as analysts anticipate the end of the PC refresh cycle.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2388265216"}