Today is Monday, May 9, 2022.
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Bitcoin Falls to 2022 Low
The price of Bitcoin dropped 3% on Sunday, ending a week in which the popular cryptocurrency dropped 13%.
Numbers: The price of Bitcoin fell to $33,000 on Sunday, a low for 2022. To put this into perspective, the price was $42,000 last month. We’re obviously a long way off from the all-time high from last year.
Bigger Picture: And this wasn’t the only cryptocurrency to sink this week. Ethereum, Solana, XRP, and even Dogecoin fell.
Catalyst: Bitcoin, and by extension the larger crypto market, is dealing with the same problems as the stock market. It was a bad week for stocks. The U.S. Federal Reserve raised interest rates last week, which had an impact on investments.
Linked: Market analysis firm IntoTheBlock noted on Friday that the stock market has developed stronger correlations with crypto over the last six months due to bearish sentiment and the Fed’s actions.
That’s Low: Bitcoin could potentially go down to $29,000, according to crypto analyst Credible Crypto on Saturday.
Final Thoughts: It is unclear where Bitcoin is headed in the short term, but some investors are still bullish on the long-term prospects of the crypto.
Notable Earnings Today: Palantir Technologies (NYSE: PLTR), Upstart Holdings (Nasdaq: UPST), BioNTech (Nasdaq: BNTX), AMC Entertainment Holdings (NYSE: AMC), Tyson Foods (NYSE: TSN), Duke Energy (NYSEL DUK), Plug Power (Nasdaq: PLUG), Coty (NYSE: COTY), Novavax (Nasdaq: NVAX), Madison Square Garden Entertainment (NYSE: MSGE), Clover Health Investments (Nasdaq: CLOV), Global Ship Lease (NYSE: GSL), Aterian (Nasdaq: ATER), Lordstown Motors (Nasdaq: RIDE), Tattooed Chef (Nasdaq: TTCF), Hilton Grand Vacations (NYSE: HGV), Blink Charging (Nasdaq: BLNK), Adaptimmune Therapeutics (Nasdaq: ADAP), Lemonade (NYSE: LMND), 3D Systems (NYSE: DDD), AECOM (NYSE: ACM), Blue Apron Holdings (NYSE: APRN), Broadmark Realty Capital (NYSE: BRMK), Curaleaf Holdings (OTCMKTS: CURLF), Elanco Animal Health (NYSE: ELAN), Energizer Holdings (NYSE: ENR), Geron (Nasdaq: GERN), Global Ship Lease (NYSE: GSL), GoodRx Holdings (Nasdaq: GDRX), Groupon (Nasdaq: GRPN), IAC/InterActiveCorp. (Nasdaq: IAC), Magnolia Oil & Gas (NYSE: MGY), MBIA (NYSE: MBI), Microchip Technology (Nasdaq: MCHP), Party City (NYSE: PRTY), PetMed Express (Nasdaq: PETS), PubMatic (Nasdaq: PUBM), RingCentral (NYSE: RNG), Simon Property Group (NYSE: SPG), SmileDirectClub (Nasdaq: SDC), ThredUp (Nasdaq: TDUP), TrueCar (Nasdaq: TRUE), Upstart Holdings (Nasdaq: UPST), Veeco Instruments (Nasdaq: VECO), Vroom (Nasdaq: VRM), WideOpenWest (NYSE: WOW), XPO Logistics (NYSE: XPO), Zynga (Nasdaq: ZNGA).
Notable IPOs Today: Bright Green Corp (Nasdaq: BGXX).
Notable Equity Crowdfunding Campaigns Ending Today: N/A.
Notable Economic Events Today: N/A.
The Current State of Oil
The price of oil increased in the past month, going from less than $100 a barrel to over $110.
Details: Lockdowns in China and the war in Europe are largely responsible for the price increase, but so is inflation.
Numbers: In the past month, Occidental Petroleum (NYSE: OXY) went up 12% and Exxon Mobil (NYSE: XOM) went up 9%.
Final Thoughts: The energy trade is alive and well, but will the good times continue?
How Much Has Big Tech Lost?
Most investors can attest that technology stocks are off to a bad start in 2022.
Numbers: Major technology stocks have already reported a total loss of $17 billion in the first quarter, according to CNBC.
Final Thoughts: In addition, the tech-heavy Nasdaq fell 9.1% in the first quarter, its worst period since 2020.
Trends to Watch
Double Entendre: Lockheed Martin looks to nearly double Javelin missile production (Reuters)
Just Odd: Elon Musk Fears for His Life After Russian Threats (The Street)
No Fly Zone: Nigeria Is First Nation to Ground Flights as Fuel Costs Soar (Bloomberg)
Missing: UST Stablecoin Briefly Loses Peg, Luna Drops 10% (Coin Desk)
Mother Freud-er: Millions of Americans Are Turning to Therapy, and Investors See an Opportunity (The Wall Street Journal)
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