Notable Events
- Dow down ~0.4%, S&P down ~0.2%, Nasdaq up ~0.2% after Friday’s record S&P close, ahead of Federal Reserve’s June FOMC Meeting which starts tomorrow and concludes Wednesday.
- No notable companies to report earnings today after market close or tomorrow morning before market open.
- Bitcoin on Monday popped back above $39,000, one day after Tesla CEO Elon Musk said the electric auto maker could accept bitcoin transactions again in future. The weekend gains came after Musk said Sunday that Tesla will resume allowing bitcoin transactions “when there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend.” Tesla halted car purchases with bitcoin in mid-May, citing concerns over the climate impact of cryptocurrency mining.
- Long-term Treasuries trading slightly higher this morning: 10yr at 1.47%, 20yr at 2.08% and 30yr at 2.16%.
- Cryptocurrencies: $BTC ~$40,000, $ETH ~$2,500, $DOGE ~$0.32.
Tradable Opportunity Watchlist
- CMG – up ~3% after receiving upgrade by Raymond James with PT of $1,800.
- FCEL – down ~4%, continuing its slide from last week’s weak earnings report.
- RIDE – down ~18% after its CEO and CFO announced resignation from the company.
- RIOT, MARA, SQ – up significantly after rebound in $BTC from Elon’s tweet on possibility of acceptance of payment by $TSLA.
- AU, JNUG, NUGT – down significantly on weak gold pricing and lowered inflation fears.
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